<h4><strong>Australia plans to introduce new rules requiring crypto firms to get a financial services license under the Corporations Act. </strong></h4> 
<p>There’s been a significant increase in crypto activities in the country. And the new rules will help regulate the market.</p> 
<h5><strong>ASIC to Require Crypto Exchanges to Obtain Financial Licenses</strong></h5> 
<p>The Australian Securities and Investments Commission (<a href="https://asic.gov.au/about-asic/what-we-do/our-structure/asic-senior-leadership/" target="_blank" rel="noopener">ASIC</a>) plans to require crypto exchanges to secure financial services licenses to operate in Australia. Speaking at the AFR Digital Assets Summit, Alan Kirkland, a commissioner at ASIC, shared <a href="https://www.afr.com/companies/financial-services/asic-wants-crypto-start-ups-to-hold-financial-services-licences-20240920-p5kc6t" target="_blank" rel="noopener">details </a>about these upcoming changes. In addition, Kirkland said ASIC believes that most major crypto assets should be covered by the Corporations Act.</p> 
<p>“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,” Kirkland said in a statement.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">AUSTRALIA MANDATES CRYPTO FIRMS TO GET FINANCIAL LICENSES</p> 
 <p>Australia is set to implement new legislation requiring cryptocurrency exchanges to obtain financial services licenses, extending regulations beyond just digital currency exchanges.</p> 
 <p>ASIC commissioner Alan Kirkland… <a href="https://t.co/y6tSMzjPET">pic.twitter.com/y6tSMzjPET</a></p> 
 <p>— Crypto Town Hall (@Crypto_TownHall) <a href="https://twitter.com/Crypto_TownHall/status/1838160899154018618?ref_src=twsrc%5Etfw">September 23, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Kirkland also revealed that ASIC plans to provide clarity on how certain cryptocurrencies should be treated. And will update the Corporations Act’s Information Sheet 225 for this purpose. He said in a statement, “ASIC expects to issue updated draft guidance in the coming months, which we will open up to feedback from the industry.”</p> 
<p>Kirkland noted that ASIC supports the cryptocurrency industry, but is aware of the threats and risks associated. He explained, “ASIC believes that licensing and its subsequent protections will mitigate risk while bolstering consumer confidence and market integrity — two elements that are crucial in encouraging innovation in the financial system.”</p> 
<h5><strong>Protecting Users</strong></h5> 
<p>Kirkland noted that there’s an increase in locals holding crypto. So, the focus of the guidelines is to protect these users as consumers. He said, “Millions of Australians now hold crypto-asset investments, and ASIC wants to make sure they have access to important consumer protections provided by the current regulatory regime.”</p> 
<p>Reports claim that most crypto companies in Australia opt not to secure Australian Financial Services Licenses (AFSLs). This is largely due to legal advice that their products don’t fall under existing regulations. However, ASIC’s move to classify crypto tokens as rights to digital asset ownership could change things.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">ASIC Commissioner Alan Kirkland shows the way to crypto and digital asset regulation –<br> “A system with limited oversight, that is opaque, unpredictable and unreliable – leading to widescale investor losses or market manipulation or abuse – will ultimately fail to thrive.” ASI… <a href="https://t.co/t1YEOCQTDT">pic.twitter.com/t1YEOCQTDT</a></p> 
 <p>— The Industry Spread (@industryspread) <a href="https://twitter.com/industryspread/status/1770402436001189939?ref_src=twsrc%5Etfw">March 20, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><strong>ASIC fights Crypto Scams</strong></h5> 
<p>Australian regulators have become more <a href="https://www.altcoinbuzz.io/cryptocurrency-news/australias-ato-demands-crypto-transaction-data-from-exchanges/" target="_blank" rel="noopener">cautious</a> about the risks tied to crypto assets. Since July 2023, ASIC has taken down over 7,300 scam websites, 615 of which were related to cryptocurrency.</p> 
<p>In August, the Australian Competition and Consumer Commission reported that more than 50% of crypto ads on Facebook were either scams or breached Meta’s rules. This report raised concerns about Meta’s actions in curbing these scams.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/australia-to-mandate-financial-services-licenses-for-crypto-firms/">Australia to Mandate Financial Services Licenses for Crypto Firms</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Australia to Mandate Financial Services Licenses for Crypto Firms

Altcoin Buzz

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