Australia releases new crypto regulatory framework
The Australian treasury has released a consultation paper proposing a new regulatory framework for crypto currency exchanges. The new legal framework will require crypto currency companies to apply for a financial services license. The primary purpose of the new regulatory framework will be to protect investors without harming the growth of the crypto currency ecosystem in Australia. The consultation paper explained that the country would regulate cryptocurrency players under pre-existing financial services laws. Cryptocurrency exchanges that hold over $3.2 million, or more than $946 per individual, must now register with the Australian Securities and Investment Commission (ASIC) and obtain an operating license. You might also like: Mastercard explores CBDC use in Australia Australia’s crypto stance The Australian government has taken several legislative actions to support the mainstream adoption of crypto currencies. For example, the Australian treasurer...