Crypto Exchanges in Australia: New Crypto Laws to Extend Beyond Current Rules

Crypto Exchanges in Australia to Fall Under New Licensing Regulations

It has been claimed that Australian regulators are preparing new laws requiring crypto exchanges to obtain financial services licenses. According to The Australian Financial Review (AFR), licensing regulations for cryptocurrency exchanges in Australia are about to expand beyond those about digital currency exchanges. Commissioner of the Australian Securities and Investments Commission (ASIC), Alan Kirkland, claims that the agency believes the Corporations Act covers the majority of significant cryptocurrency assets, such as Bitcoin and Ether; hence, the new rules are required.

ASIC’s Regulatory Update to Impact Crypto Asset Firms: New Rules to Be Released by November 2024

On September 23, during the AFR Crypto and Digital Assets summit in Sydney, the commissioner revealed the authority’s plans. Before making his presentation at the event, Kirkland allegedly stated that the ASIC is getting ready to revise the Corporations Act’s Information Sheet 225 to provide more clarification on how specific crypto coins and certain products should be considered from a regulatory standpoint. The revised laws are anticipated to be released by November 2024, per the report.

ASIC’s message is that a significant number of crypto asset firms in the Australian market are likely to need a license under the current law. This is because we think many widely traded crypto assets are a financial product,

Kirkland

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