Australia’s central bank prioritizes wholesale CBDC development, launching Project Acacia.
ASIC introduces a new crypto licensing regime to boost regulatory clarity and investor protection.
Crypto firms in Australia will now need to obtain licenses and comply with stricter standards.
The Reserve Bank of Australia recently announced it’s prioritizing the issuance of a wholesale central bank digital currency (CBDC) over a retail CBDC, stating that a clear business case for the latter hasn’t yet emerged.
In addition, the bank pledged its commitment to a 3-year applied research program on the future of digital money in Australia, called Project Acacia.
Australia’s Crypto Industry Faces New Licensing Rules
In yet another related development, Australia’s securities watchdog, ASIC, is gearing up to introduce a new licensing regime for the nation’s crypto sector. This move aims to bring digital assets under the umbrella of Australia’s existing financial regulations, requiring companies operating in the crypto space to obtain licenses.
Read also: Bitcoin to Skyrocket with Regulatory Clarity, Predicts Cantor CEO
In a recent summit, ASIC Commissioner Ala…
The post Australia Prioritizes Wholesale CBDC, Project Acacia Unveiled appeared first on Coin Edition.