Australia: Consultation opened on Crypto Asset Secondary Service Provider Licensing Regime

On 21 March 2022, the Treasury of Australia has opened a public consultation on the Government's proposals on a licensing and custody regime for crypto asset secondary service providers, who are defined as providing crypto-related services, such as storage, exchange, and market operation, to customers. The envisioned licencing of such providers would subject them to obligations including providing fair and transparent services, adequate risk management, dispute resolution mechanisms, and meeting appropriate safeguards regarding customer crypto assets. The consultation will close on 27 May 2022.