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 & block trade
Convert crypto with one click and zero fees
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 Prioritizes Wholesale CBDC, Project Acacia Unveiled

Australia Prioritizes Wholesale CBDC, Project Acacia Unveiled

CoineditionCoinedition2024/09/22 16:00
By:Coin Edition
  • Australia’s central bank prioritizes wholesale CBDC development, launching Project Acacia. 
  • ASIC introduces a new crypto licensing regime to boost regulatory clarity and investor protection. 
  • Crypto firms in Australia will now need to obtain licenses and comply with stricter standards.

The Reserve Bank of Australia recently announced it’s prioritizing the issuance of a wholesale central bank digital currency (CBDC) over a retail CBDC, stating that a clear business case for the latter hasn’t yet emerged.

In addition, the bank pledged its commitment to a 3-year applied research program on the future of digital money in Australia, called Project Acacia .

Australia’s Crypto Industry Faces New Licensing Rules

In yet another related development, Australia’s securities watchdog, ASIC, is gearing up to introduce a new licensing regime for the nation’s crypto sector. This move aims to bring digital assets under the umbrella of Australia’s existing financial regulations, requiring companies operating in the crypto space to obtain licenses.

Read also: Bitcoin to Skyrocket with Regulatory Clarity, Predicts Cantor CEO

In a recent summit, ASIC Commissioner Alan Kirkland confirmed the regulator’s plans, highlighting that several crypto assets are already considered financial products under Australian law. He explained that the new licensing framework will hold them to the same standards as traditional financial services providers. This will provide much-needed clarity for crypto companies regarding their regulatory obligations.

Under the proposed regime, crypto companies operating in Australia will need to apply for and secure financial services licenses, ensuring they adhere to consumer protection, disclosure, and market conduct standards. Kirkland stressed that this step will create a safer and more regulated crypto environment in the country.

ASIC’s Classification of Crypto Assets

A core part of ASIC’s approach is classifying various crypto assets as financial products. This subjects them to the same regulatory requirements as traditional financial services. By making licensing mandatory, ASIC is signaling a crackdown on unlicensed crypto operations, with the goal of increasing transparency and reducing the risk of fraud or misconduct in the industry.

Read also: Bithumb’s Bank Switch Under Review by South Korean Regulator

This move is likely to significantly impact Australia’s crypto sector. Companies will now have to navigate the licensing process, meet stricter standards, and make sure their operations align with the Corporations Act. While this may present challenges for some businesses, the increased oversight could enhance the sector’s legitimacy and attract more institutional investors.

ASIC’s new licensing regime will likely reshape the Australian crypto landscape by providing more regulatory clarity, reducing unregulated players, and fostering a more stable and secure crypto ecosystem. Meanwhile, the Reserve Bank of Australia’s focus on wholesale CBDCs and its ongoing research into digital money further underscore the increasing importance of digital currencies in the Australian financial scene.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!

Bitget Announcement2025/09/12 07:46

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

New spot margin trading pair — LINEA/USDT!

Bitget Announcement2025/09/11 10:04