Australia to require cryptocurrency exchanges to obtain financial services licenses

According to BlockBeats, on September 23, Australian regulators are preparing new legislation that will require cryptocurrency exchanges to obtain financial services licenses. The licensing requirements will extend beyond digital currency trading platforms.

Australian Securities and Investments Commission (ASIC) Commissioner Alan Kirkland said the new requirements were necessary because the Corporations Act covers most major crypto assets, including Bitcoin. The plan was revealed at the AFR Crypto Crypto and Digital Assets Summit in Sydney.

Kirkland said ASIC is preparing to update Information Sheet 225 of the Corporations Act to provide more clarity on how specific crypto tokens and certain products should be treated from a regulatory perspective.