Australia will introduce new regulations requiring the crypto industry to obtain a financial services license under the Corporations Act, with updated regulatory guidance to be released within the next two months.
Alan Kirkland, a member of the Australian Securities and Investments Commission (ASIC), attended the "AFR Digital Asset Summit" event on Monday and said that many crypto-asset companies in Australia need to obtain licenses. According to current laws, ASIC treats a variety of crypto-assets as financial products.
ASIC’s regulatory framework focuses on “financial products” involving financial investments, risk management or non-cash transactions. However, some aspects of cryptocurrencies don’t exactly fit this model. This creates uncertainty about whether specific crypto tokens require permission.
Kirkland revealed ASIC would soon publish new draft guidance and planned to solicit industry feedback on the updates. "Millions of Australians now hold investments in crypto assets, and ASIC wants to ensure they have access to consumer protection," he said.
According to reports, many cryptocurrency developers have yet to obtain an Australian Financial Services License (AFSL). To address this issue, ASIC plans to update guidance by November that will clarify the classification and treatment of specific crypto tokens representing digital ownership and related products.
In addition, Kirkland pointed out ASIC's concerns about potential consumer harm and market misconduct, and issuing a "licence" will help reduce risks, build consumer trust and protect market integrity.
Blockchain previously reported that Turkey’s “Amendment to Capital Markets Law” officially came into effect in early July this year. Turkey’s licensing measure not only reflects the country’s government’s optimistic attitude towards the encryption industry, but also highlights Turkey’s Strategic importance in the global cryptocurrency market. In the list published by the Turkish Capital Market Commission (CMB), the country’s regulatory agency, as of September 15, it can be seen that 76 companies are currently interested in conducting business locally in accordance with Turkey’s new regulations, including many leading international exchanges. Such as Binance, Coinbase, Crypto.com and Bitfinex, etc., highlighting the huge prospects of the Turkish crypto market.
Related discussion: Türkiye’s new encryption regulations have been widely praised. Can Taiwan draw lessons from it to attract international brands?
"Australia will make it mandatory for crypto operators to hold financial services licenses and issue updated regulatory guidelines before November." This article was first published on "Blocker".
