🚨🚨Australia to Require Crypto Firms to Hold Financial Services Licenses🚨🚨

Australia is tightening its regulatory framework for cryptocurrency exchanges, requiring them to obtain financial services licenses. This move, reported by the Australian Financial Review (AFR), extends licensing requirements beyond those for digital currency exchanges, as regulators aim to address consumer protection and market integrity concerns.

Alan Kirkland, a commissioner at the Australian Securities and Investments Commission (ASIC), explained that the new regulations will fall under the Corporations Act, affecting major crypto assets like Bitcoin and Ether.

ASIC plans to release updated guidance on how certain crypto tokens and products should be regulated, with a draft expected in the coming months. While supporting innovation, ASIC aims to mitigate risks such as market misconduct and consumer harm.

Meanwhile, Senator Andrew Bragg criticized the country’s lagging crypto regulation, arguing that Australia has shifted from being a leader in the sector to falling behind. The new licensing rules aim to restore consumer confidence and encourage innovation in the financial system, according to ASIC.

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