Australian crypto exchanges have expressed support for the government's proposed crypto regulations, which aim to bring digital asset platforms under financial services rules. The draft laws, released in late 2024, introduce new categories for digital asset and tokenized custody platforms, requiring an Australian Financial Services License and registration with ASIC. However, industry leaders are calling for clearer guidelines on licensing, custody standards, and operational procedures to ensure innovation and consumer protection. Concerns have been raised about undefined regulatory powers and the sourcing of liquidity from offshore markets. Caroline Bowler, former CEO of BTC Markets, and Mandy Jiang of CloudTech Group emphasized the need for precise definitions and guidance to prevent compliance challenges and maintain a competitive environment for local exchanges.