A new bill is being prepared in Australia regarding how cryptocurrency companies will be licensed.
According to the statement made by the Australian Treasury Department, the bill is expected to be submitted by 2024.
Cryptocurrency exchanges in the country will have 12 months to transition to the new legislation after the bill is approved.
According to the bill, exchanges with more than AUD 1,500 ($946) in the account of at least one user or more than AUD 5 million ($3.15 million) in total assets will be required to obtain a license.
The Treasury Department also plans to share a joint assessment report on CBDCs with the central bank in the middle of next year.