Australia plans to hit digital asset platforms with penalties of up to 10% of annual turnover if they breach new rules, under draft legislation released on Thursday. The proposal requires exchanges and other operators to secure an Australian Financial Services Licence. Firms that fail to act honestly and fairly, or that engage in misleading conduct and unfair contract terms, would face the greater of three penalties, A$16.5m (US$10.9m), three times the benefit gained, or 10% of annual turnover. These r ...