Australia Requires Financial Services Licenses for Cryptocurrency Firms Under New ASIC Regulations
The Australian Securities and Investments Commission (ASIC) has announced new legislation that will require cryptocurrency exchanges to obtain financial services licenses. The expansion of the Corporations Act aims to provide clearer oversight of the cryptocurrency sector, ensuring that widely traded crypto assets, such as Bitcoin, are properly regulated. The new regulations are expected to be implemented by November 2024, and ASIC is preparing to update its guidance to clarify how various cryptocurrencies and products should be treated. The move aims to underscore Australiaâs commitment to improving consumer protection and maintaining the integrity of its financial markets.$BTC
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