Cryptocurrency is still very much a thing and the Australian government is considering a law that'll make crypto exchanges and digital asset platforms "operating in Australia with more than $5 million in aggregate", "required to have an Australian Financial Services Licence (AFSL)". This will "beholden exchanges to the same rules as traditional AFSL holders, including disclosures, solvency and cash reserve needs, submission of financial accounts and management of conflicts of interest". They'll also need to have "standard form contracts as well as standards for the holding and transaction of tokens and custody software". These regulations are currently in the proposal paper stage, but it seems uncontroversial to me and should be law sooner rather than later to avoid more innocent (gullible? Greedy?) people getting ripped off.
If you liked this tiny snippet of content from The Sizzle - Australia's favourite daily email containing the latest tech news & bargains - then sign up for a 30-day free trial below. No credit card required! Learn more about The Sizzle at https://thesizzle.com.au