Crypto Firms in Australia Now Require Financial Licenses Under ASIC
The Australian Securities and Investments Commission (ASIC) has introduced new legislation mandating that cryptocurrency exchanges obtain financial services licenses.
This expansion of the Corporations Act aims to improve oversight of the crypto sector, ensuring proper regulation of widely traded assets like bitcoin. The regulations will take effect by November 2024. With ASIC preparing to update guidelines to clarify how various crypto tokens and products will be treated.
This legislative move highlights Australia’s commitment to enhancing consumer protection and maintaining the integrity of its financial markets. By establishing clearer rules for crypto exchanges, ASIC seeks to foster a safer trading environment and boost investor confidence in the rapidly evolving digital asset landscape.
Clever Robot News Desk 24th September 2024
