Australia Crypto Firms May Need Financial Services Approval

Australia Set to Enforce Stricter ASIC Rules on Cryptocurrency Firms

Australian regulators are preparing to introduce new legislation that will require cryptocurrency exchanges to obtain financial services licenses, marking a significant shift in the country’s approach to regulating the digital asset industry. According to The Australian Financial Review, these rules will not be limited to just crypto exchanges. The Australian Securities and Investments Commission (ASIC) is leading the charge, with Commissioner Alan Kirkland underscoring the necessity of tighter regulations. Speaking at the AFR Crypto and Digital Assets Summit on September 23, Kirkland stressed that widely traded crypto assets like Bitcoin are subject to the Corporations Act and that regulation is vital to protect investors and ensure legal compliance by firms operating in the sector.

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New ASIC Regulations Set for November

ASIC is expected to issue updated regulatory guidelines in November 2024, which will offer greater clarity on how various crypto tokens and products should be regulated. This update will revise the Corporations Act’s Information Sheet 225, helping crypto firms better understand their legal responsibilities. Kirkland pointed out that many crypto assets are classified as financial products, meaning that businesses dealing in these assets will likely need to obtain a license. This move is part of a broader effort to bring cryptocurrency exchanges under the same regulatory framework that governs traditional financial services, thereby reducing risks for investors.

Government Push for Broader Crypto Regulation

Beyond ASIC’s initiatives, the Australian government is working on legislation that would require cryptocurrency exchanges to hold financial services licenses. This law would also introduce new guidelines for the custody of digital assets like Bitcoin and Ethereum, aimed at bolstering investor protections. While the legislation was initially expected to be introduced this year, its timeline remains unclear, and it may not be finalized before the next federal election. However, the overall direction is clear: Australia is moving towards more stringent regulation of the cryptocurrency industry, with many firms expected to fall under the new licensing rules in the near future.

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These upcoming changes signal a tightening of control over the burgeoning crypto sector in Australia, reflecting a growing global trend towards increased regulatory oversight in the digital asset space.

Source: coingabbar

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Writer @Elena

Elena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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