Australia Tightens Crypto Rules: Firms Must Hold Financial Services Licenses
Australian regulators are gearing up to introduce stricter regulations for crypto exchanges.
Starting November 2024, cryptocurrency firms will be required to hold financial services licenses, extending beyond just digital currency exchanges.
The Australian Securities and Investments Commission (ASIC) aims to regulate major crypto assets like Bitcoin and Ether under the Corporations Act.
Commissioner Alan Kirkland emphasized that many crypto assets are considered financial products, making licensing a must.
This move signals Australiaâs push towards stronger oversight in the crypto space, ensuring better consumer protection and market integrity. đ
