<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p>The Australian Securities and Investments Commission (ASIC) has recently <a href="https://www.dailytelegraph.com.au/business/companies/asics-new-cryptocurrency-warnings-australia-ahead-of-new-federal-government-laws-coming/news-story/41845cb7da51de2136a8d869c9a8572d?amp" rel="noopener noreferrer nofollow">issued</a> new warnings regarding cryptocurrencies in Australia ahead of new federal government laws that are expected to come into effect.&nbsp;</p>
<p>These warnings emphasize the risks associated with cryptocurrencies, which the industry watchdog has criticized as being "created out of nothing."</p>
<p>Last year, Joseph Longo, the chair of the ASIC, has <a href="https://u.today/australias-top-financial-regulator-urges-investors-not-to-put-all-their-money-into-crypto" rel="noopener noreferrer nofollow">warned</a> investors against placing all their funds into cryptocurrencies.&nbsp;</p>
<p>Longo stressed the difficulty in supervising the industry, with many projects not classified as financial products, and drew attention to the increasing incidence of crypto-related scams in Australia.</p>
<h2 id="recent-regulatory-developments">Recent regulatory developments</h2>
<p>In October, it was reported that Australia plans to introduce draft legislation by 2024 for a new licensing regime for crypto exchanges, focusing on licensing and custody rules. This move, expected to be implemented by 2025, marks a significant step towards establishing crypto regulation in the country.</p>
<p>In 2023, Australia updated its capital gains tax guidance to include wrapped tokens and interactions with decentralized finance protocols. Investors are now required to report capital gains and losses whenever a digital asset.&nbsp;</p>
<h2 id="binance-s-woes-in-australia">Binance's woes in Australia</h2>
<p>Meanwhile, the Australian Financial Review review <a href="https://www.afr.com/companies/financial-services/inside-the-long-slid-of-binance-and-its-lucrative-australian-business-20231122-p5elua" rel="noopener noreferrer nofollow">reports</a> that Binance's downfall was significantly influenced by the ASIC canceling the company's licenses.</p>
<p>Binance struggled with regulatory compliance, which was a key factor in its troubles. Jeff Yew, the young CEO of Binance Australia, tried to work with regulators but clashed with Zhao over compliance issues, which led to his resignation.</p>
<p>Binance's derivatives business in Australia was highly successful, but this did not translate into ample funding or stability for the Australian team.</p>

Australians Receive Major Crypto Warning from Top Regulator

목차

U_Today

2023년 11월 24일에 게재된 다른 기사

BLUR Crypto: Blur Crypto Price Is Surging High; What Next?

Everlodge, Pepe and TRON Projected to Explode by ChatGPT – How High Can They Rise in Q1, 2024?

Korea unveils detailed plan for retail CBDC transaction pilot with 100K participants

Congressman Tom Emmer Challenges SEC’s Approach to Cryptocurrency Regulation

Breakout Alert! ADA Price Tops $0.40, Here’s The Next Target!

OKX Announces Listing for Two Popular AI Altcoins! Prices Have Moved!

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!