Cryptocurrency Update: Bitcoin's Resilience and Regulatory Actions🤝

In crypto, BTC prices have continued to hold firm above $28k, outperforming nearly all its peers in the space as the industry remains lacking of a major bullish catalyst outside of the widely expected spot ETF approval. On the regulation side, the Australian government finally released its long-awaited regulatory regime at the Australian Financial Review Crypto Summit on Monday, announcing that crypto exchanges will soon be required to hold a financial services license issued by AUSTRAC in order to continue operations. Similar to the stringent requirements announced by the SFC in HK earlier, many observers expect that the majority of the 400 smaller exchanges will be forced into consolidation with bigger rivals given the high balance sheet and reporting requirements.

#BTC #AUSTRAC #SFC #industry_consolidation #cryptocurrencies