Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Australia seeks to require licensing for crypto firms under corporations law: report

Australia seeks to require licensing for crypto firms under corporations law: report

The BlockThe Block2024/09/22 16:00
By:The Block

Quick Take The Australian Securities and Investments Commission plans to extend licensing requirements to crypto firms — not just exchanges — as it finds most major crypto assets fall under the scope of the Corporations Act. The regulator is preparing a regulatory update to clarify how certain crypto assets and products should be treated.

Australia’s financial regulator is seeking to require crypto firms — beyond just crypto exchanges — to be licensed under the country’s corporations law.

The Australian Financial Review reported today, citing Australian Securities and Investments Commission Commissioner Alan Kirkland, that ASIC plans to issue an update to “Information Paper 225” by November. The update aims to clarify how certain crypto tokens or products should be treated. 

Kirkland said that ASIC considers that most major crypto assets should fall under the scope of the Corporations Act. 

Meanwhile, the Australian Treasury released a proposal last year to require crypto exchanges that hold a certain threshold of assets to obtain an Australian Financial Services Licence. The original plan was to release an exposure draft this year, but it remains uncertain if the bill will be introduced before next year's federal election, according to the AFR report.

The Australian Treasury said at the time that that failures and vulnerabilities of crypto platforms have “increased the need to regulate to protect consumers.”

The Australian authorities have become increasingly cautious of the risks associated with crypto assets. ASIC said last month that it had taken down over 7,300 scam websites since July 2023, 615 of which were associated with cryptocurrency

Also in August, a ruling in Australia showed that the Australian Competition and Consumer Commission alleged that more than half of crypto-related advertisements on Facebook were scams or violated Meta’s policies.


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!