KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
Draft Legislation Targets Digital Asset Platforms
Australia unveiled draft legislation on Thursday that would impose penalties of up to 10% of annual turnover on digital asset platform operators that breach proposed licensing rules. The plan marks one of the most significant regulatory steps yet for the country’s fast-growing crypto industry.
Licensing and Penalties
Under the new framework, crypto exchanges and custody providers will be required to hold an Australian Financial Services License (AFSL). Licensed firms that fail to act “honestly and fairly”, or that engage in misleading conduct or unfair contract terms, could face the greater of:
A A$16.5 million (US$10.9 million) fine
Three times the benefit obtained
Or 10% of annual turnover
Platforms handling less than A$5,000 per customer and facilitating under A$10 million annually would be exempt.
Extending Consumer Protections
Treasury said the draft rules will bring digital asset and tokenised custody platforms under the Corporations Act, strengthening consumer protection and aligning oversight with traditional finance. Regulators including the central bank, tax office, and financial crimes agency have repeatedly raised concerns about risks tied to crypto adoption.
In August, Binance’s Australian unit was ordered to appoint an external auditor amid money laundering and terrorism financing concerns.
Industry Reaction
Major global players welcomed the proposals. Coinbase’s Australian country director John O’Loghlen said clear, fit-for-purpose regulation will “support economic growth, increase choice for consumers, and ensure Australia remains competitive globally.”
Kraken’s Jonathon Miller added that the draft rules follow an “extensive consultation period” and provide much-needed clarity for the sector.
Next Steps
The draft legislation will remain open for public and industry feedback until Oct 24, before being finalized and tabled in parliament.
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