Australian regulators are preparing new laws that will require crypto exchanges to secure a financial services license, according to reports from The Australian Financial Review (AFR).
These new licensing rules are expected to introduce stricter requirements than those currently in place for digital currency exchanges.
Alan Kirkland, a commissioner at the Australian Securities and Investments Commission (ASIC), emphasized the need for these changes, pointing out that major cryptocurrencies like Bitcoin and Ethereum fall under the Corporations Act. He discussed this during the Crypto and Digital Assets meeting held in Sydney on September 23.
ASIC is set to revise its regulatory framework in November 2024, aiming to offer more precise guidelines on how various crypto tokens and products should be classified and regulated under the Corporations Act, as indicated in the upcoming update to Information Section 225.
Kirkland indicated that many cryptocurrency businesses in Australia could be required to obtain a financial services license, given that several popular cryptocurrencies are considered financial products under existing laws.
Lawmakers have taken a major step toward regulating stablecoins as the House Financial Services Committee voted in favor of a new bill aimed at bringing order to the sector.
Binance has decided to halt spot trading of Tether (USDT) within the European Economic Area (EEA) as it works to comply with the EU’s new crypto regulations under MiCA (Markets in Crypto-Assets Regulation).
California is taking a bold step toward protecting cryptocurrency investors, with new amendments transforming an existing financial regulation bill into a dedicated digital assets framework.
Japan’s Financial Services Agency (FSA) is working on a proposal to amend existing financial laws, aiming to bring cryptocurrencies under the same regulatory framework as traditional financial instruments.