Australia Unveils Crypto Fines in Proposed Rules for Industry

Australia has unveiled a new set of proposed rules for the cryptocurrency industry, which include significant fines for platform operators who violate the regulations. The draft legislation, released on Thursday, outlines penalties of up to 10% of a company's annual turnover for breaching the proposed rules. The new rules aim to provide a regulatory framework for the rapidly growing crypto sector in Australia. The proposed regulations cover a range of issues, including consumer protection, anti-money laundering measures, and the responsibilities of digital asset platform operators. The introduction of these rules is part of the Australian government's broader efforts to address the risks and challenges posed by the growing cryptocurrency market. The proposed legislation is expected to provide more clarity and certainty for both consumers and businesses operating in the digital asset space in the country.