Australia Plans to Require Crypto Companies to Have a License
Authorities in Australia are reportedly developing new guidelines to mandate that cryptocurrency exchanges obtain licenses for financial services.
These requirements are expected to go beyond the current regulations related only to digital currency exchanges, according to a report by The Australian Financial Review (AFR).
The Australian Securities and Investments Commission (ASIC) commissioner, Alan Kirkland, stated that these new requirements are necessary because the regulator believes that the Corporations Act applies to most major cryptocurrencies such as Bitcoin and Ether.
Kirkland disclosed these plans at the AFR Crypto and Digital Assets summit on September 23 in Sydney.
He also mentioned that the ASIC is updating Information Sheet 225 in order to provide more clarity on the regulatory treatment of specific crypto tokens and products.
