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Australia is moving forward with new regulations that will mandate Bitcoin exchanges to secure financial services licenses by November 2024. The Australian Securities and Investments Commission believes this change is necessary to regulate widely traded assets like Bitcoin and Ether under the Corporations Act.
There have been reports that Australian regulators are working on drafting new legislation that will mandate that Bitcoin exchanges seek licenses to provide financial services, Cointelegraph reports.
Australia Expands Licensing for Crypto Exchanges
According to a report by The Australian Financial Review (AFR), the licensing requirements for cryptocurrency exchanges in Australia are going to be expanded beyond those that are connected to digital currency trades.
Alan Kirkland, the commissioner of the Australian Securities and Investments Commission (ASIC), stated that the additional criteria are essential since the agency believes that the Corporations Act encompasses the majority of the most significant crypto assets, such as Bitcoin and Ether.
ASIC to Revise Information Sheet 225
During the AFR Crypto Crypto and Digital Assets summit that took place in Sydney on September 23, the commissioner revealed the measures that the authority had in place.
According to reports, Kirkland stated prior to his presence at the event that the ASIC is in the process of preparing to revise the Corporations Act's Information Sheet 225 in order to provide more clarification on how specific crypto tokens and certain goods should be considered from a regulatory standpoint.
Bitcoin and Ether Classified as Financial Products
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, the commissioner said. As Kirkland pointed out, this is because many widely traded crypto assets are considered financial products.
The research indicates that the revised legislation is anticipated to be issued by the month of November in the year 2024.
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