Heavy Penalties Planned as Australia Targets Rogue Crypto Operators

[kevin1]

Australia’s proposed crypto regulation comes with strict penalties for non-compliance.

Under the draft rules, breaches could result in fines of up to AU$16.5 million ($10.8 million), three times the benefit obtained, or 10% of annual turnover — whichever is greater.

The legislation sets targeted rules for wrapped tokens, staking, and custody of assets, alongside obligations for transparency in transaction settlements.

However, smaller platforms will be spared. Those holding less than AU$5,000 ($3,300) per customer and facilitating under AU$10 million ($6.6 million) annually will be exempt, to avoid stifling small innovators.

“This is about consumer protection, but also ensuring innovation isn’t driven offshore,” Mulino said.

[Nahid Hossen]

AU’s draft crypto laws = heavy penalties Up to $10.8M fines or 10% turnover. Strong focus on staking, custody & transparency. ️

[Rimon Khan]

Smaller players spared Rules exempt firms under AU$10M annual volume. Balancing consumer protection with innovation.