Australia has proposed strict regulations for cryptocurrency exchanges such as Coinbase and Kraken, with penalties including fines of up to 16.5 million Australian dollars, three times the illegal gains, or 10% of annual turnover. These regulations will require digital asset platforms to obtain an Australian financial services license under the Corporations Act, thereby expanding the existing anti-money laundering framework. The Treasury is accepting industry feedback, valid until October 2025, and has stipulated to alleviate the burden on small platforms with a transaction amount per client below 5000 Australian dollars or an annual transaction amount below 10 million Australian dollars. In addition, the Australian Securities and Investments Commission (ASIC) has also provided temporary relief for intermediaries distributing licensed stablecoins, valid until June 2028.