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Australia is about to release new rules requiring crypto firms to get a financial services license under the Corporations Act. This comes as the country is trying to regulate its fast-growing crypto industry more stringently. Speaking at the <a href="https://www.afr.com/companies/financial-services/asic-wants-crypto-start-ups-to-hold-financial-services-licences-20240920-p5kc6t#:~:text&#61;The%20crypto%20industry%20should%20prepare,within%20the%20next%20two%20months." rel="noopener noreferrer nofollow">AFR Digital Assets Summit</a> on Monday, Alan Kirkland, a commissioner at the Australian Securities and Investments Commission (ASIC), revealed the upcoming regulatory changes.Crypto Assets ClassificationThe commissioner pointed out that many crypto assets in Australia would be classified as financial products under existing laws which means several firms would require the appropriate license. ASIC&#39;s regulation concentrates on “financial products” mainly related to investments, risk management, or non-cash transactions. However, Kirkland admitted that given the novelty of <a href="https://cryptotale.org/austrac-report-highlights-cryptos-role-in-modern-money-laundering/" rel="noopener noreferrer nofollow">crypto assets</a>, it is not always clear whether some of the digital constructs would be considered to necessitate a license.Kirkland also revealed that ASIC intends to issue new draft guidance on these issues in the near future. The regulator will seek input on the new rules from the industry to confirm its understanding of the rules and the extent to which they are effective in regulating crypto assets.<a href="https://cryptotale.org/australia-to-introduce-new-crypto-licensing-regulations/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information Website | Twitter | Telegram | Instagram |

Australia to Introduce New Crypto Licensing Regulations

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