The Australian Securities and Investments Commission (ASIC) has announced that crypto exchanges can now receive a tick of approval. Any exchange that is government-approved will earn a “badge” signifying a uniquely Australian stamp of quality.
Senator Jane Hume, federal Minister for the Digital Economy, announced a market licensing regime for crypto exchanges at Australian Blockchain Week 2022.
Australian investors will be sure that if they use a licensed Australian exchange, they can trust that exchange will deliver on its commitments to customers and have appropriate protections.
Jane Hume, Minister for the Digital Economy
Senator Hume stated that she believes the way forward for the Australian crypto industry is through the regulation of exchanges. While ASIC badges of approval represent only a small change, it is seen as a positive step toward local cryptocurrency integration.
ASIC Busy on the Crypto Front
ASIC has had to deal with a plethora of cryptocurrency-related concerns recently, issuing a variety of warnings to Australian exchanges and investors. Most recently, it warned crypto companies to expect greater regulation in future, in line with those governing traditional finance companies.
In July 2021, ASIC chairman Joe Longo declared crypto trading a “significant area of concern“, particularly in the wake of the Covid-19 pandemic. And, in November 2021, ASIC shut down A One Multi, an unlicensed financial services business based on Australia’s Gold Coast, for suspected unlawful activity.
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