Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Australia Plans to Bring in Tough New Cryptocurrency Rules: Here Are the Details

Australia Plans to Bring in Tough New Cryptocurrency Rules: Here Are the Details

BitcoinsistemiBitcoinsistemi2024/09/23 16:36
By:Utku Yanık

Australia, one of the world's largest economies, aims to introduce new and strict cryptocurrency rules.

Australia’s financial regulator is looking to impose stricter regulations on cryptocurrency firms that extend beyond just exchanges. According to a report by the Australian Financial Review, the Australian Securities and Investments Commission (ASIC) plans to require all crypto firms to be licensed under the country’s corporate law.

ASIC Commissioner Alan Kirkland has revealed that the agency plans to release an update to “Information Note 225” by November. This update will clarify how certain cryptocurrency tokens and products should be regulated under the Corporations Act. Kirkland stressed that most major crypto assets should fall under the Act’s jurisdiction and will further tighten oversight.

The move aligns with Australian authorities’ attempts to regulate the cryptocurrency industry as concerns grow over consumer protection and platform vulnerabilities. Last year, the Australian Treasury proposed that crypto exchanges holding assets above a certain threshold would need to obtain an Australian Financial Services Licence (AFSL). While draft legislation was initially expected to be released this year, it remains unclear whether it will be implemented before the 2024 federal election.

*This is not investment advice.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Ripple announces tokenized money market fund launching on XRP Ledger

Ripple said a tokenized money market fund has launched on the XRP Ledger.The launch was made possible through a partnership with Archax, an FCA-regulated digital asset exchange.

The Block2024/11/25 21:23

The Daily: MicroStrategy buys record $5.4 billion in bitcoin, Sky Mavis cuts 21% of its workforce and more

Business intelligence firm and corporate bitcoin holder MicroStrategy purchased another 55,500 BTC for $5.4 billion between Nov. 18 and Nov. 24, according to an 8-K filing with the SEC on Monday.Axie Infinity crypto game developer Sky Mavis is laying off 21% of its workforce, affecting about 50 of its 250 global team, amid a “shift in priorities,” according to CEO and co-founder Trung Nguyen.Solana’s decentralized exchanges surpassed $100 billion in monthly trading volume for the first time, generating a r

The Block2024/11/25 21:23

Justin Sun's Tron buys $30 million of Trump-backed World Liberty Financial tokens

Tron founder Justin Sun said his firm has bought $30 million worth of World Liberty Financial tokens, the crypto project supported by newly-elected U.S. President Donald Trump.Sun said the purchase made Tron the largest investor in World Liberty Financial.

The Block2024/11/25 21:23