The crypto industry should prepare to be licensed under corporations law, the corporate watchdog will tell sector leaders on Monday, with updated regulatory guidance set to be released within the next two months.

Separately, the Albanese government is preparing new legislation to require crypto exchanges to hold financial services licences, and to set down rules for custody of digital assets, to reduce risks for investors in cryptocurrencies like bitcoin and ethereum. The plan had been to release an exposure draft this year, but it is unclear whether the bill will appear before the next federal election.

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