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<ul class="wp-block-list news-points"> 
 <li>The ASIC is introducing a solid crypto licensing framework requiring many crypto firms to obtain licenses.</li> 
 <li>Under the country’s current regulations, crypto assets are considered financial products.</li> 
 <li>The existing laws are inadequate to accommodate cryptocurrency’s distinct characteristics.</li> 
</ul> 
The Australian Securities and Investments Commission (ASIC) rolls out <a href="https://www.afr.com/companies/financial-services/asic-wants-crypto-start-ups-to-hold-financial-services-licences-20240920-p5kc6t#:~:text=The%20crypto%20industry%20should%20prepare,within%20the%20next%20two%20months." target="_blank" rel="nofollow">new rules for crypto licensing</a> under the Corporations Act. 
During the AFR Digital Assets Summit on Monday, ASIC commissioner Alan Kirkland pointed out that many cryptocurrencies are currently classified as financial products, requiring several crypto firms to obtain licenses. 
The ASIC’s regulatory changes highlight the shortcomings of current policies that primarily focus on financial products. These policies cover financial investments, risk management, and non-cash transactions. However, the framework struggles to adapt to the unique nature of cryptocurrency, creating uncertainty around licensing requirements for specific crypto arrangements. 
Speaking about the country’s efforts to safeguard investors, Kirkland stated that the ASIC’s new policies would help mitigate risks associated with cryp…
The post <a href="https://coinedition.com/australia-strengthens-crypto-oversight-with-new-licensing-rules/">Australia Strengthens Crypto Oversight with New Licensing Rules</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Australia Strengthens Crypto Oversight with New Licensing Rules

Coin Edition

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