Crypto exchanges based in Australia would be made to possess a financial service license. A license that will be issued by the country's regulator of the financial services sector  the Australian Securities and Investments Commission, and by this it is only for those exchanges holding an exceeding amount of $3.2 million (A$5M) would be issued permit. The motive is said to protect consumers of exchange services which in other ways a groundwork to the growth of cryptocurrency.


Read
It's a right thing for government to do by initiating regulatory laws projected to protect her citizens from the possible wrongful manipulations of exchanges. Meanwhile, in recent scenarios draft legislations by government for the regulation of exchanges operating in the country have made a number of exchange's to exit countries they were once operational due to how unfavourable the regulatory laws made were said to be to the exchange's. Example of a fresh case we know of is that of binance leaving some of the countries they were once operating as a result of the regulations "might" have been grossly rigid for their business.

Therefore, is it possible that this proposed laws for 2024 by the Australian government would be something different from those of other countries that had to point some exchanges to the exit door?

Government is known for being too economical with the truth, as on the outer surface it's said to be all about protecting consumers but on the deeper perspective it might be regulations that's are weigh beyond just protecting consumers and maybe that's why some of these exchanges had to leave because the can't abide by the very regulations.