The Australian government is proposing to regulate cryptocurrency exchanges using existing laws. This would require exchanges to obtain a financial services license and comply with laws governing the financial services industry. The government is doing this in response to concerns about the risks associated with cryptocurrency trading, such as fraud, scams, and market manipulation. Some industry participants have welcomed the proposal, believing that it will help legitimize the cryptocurrency industry and attract more institutional investors. However, others have expressed concerns that the regulation may be too burdensome and could stifle innovation.