The Australian Securities and Investments Commission (ASIC) has introduced new legislation mandating that cryptocurrency exchanges acquire financial services licenses. This extension of the Corporations Act is designed to enhance oversight within the cryptocurrency sector, ensuring that popular crypto assets like bitcoin are effectively regulated. The updated regulations are scheduled to take effect by November 2024, with ASIC gearing up to revise its guidelines to better define the treatment of different crypto tokens and products. This initiative aims to reaffirm Australia’s dedication to strengthening consumer protection and upholding the integrity of its financial markets.
