{"id":24050,"date":"2023-10-18T05:23:31","date_gmt":"2023-10-18T05:23:31","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/australia-mulls-licensing-for-crypto-exchanges\/"},"modified":"2023-10-18T05:23:31","modified_gmt":"2023-10-18T05:23:31","slug":"australia-mulls-licensing-for-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/australia-mulls-licensing-for-crypto-exchanges\/","title":{"rendered":"Australia Mulls Licensing for Crypto Exchanges"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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A regulation proposal under consideration in Australia might alter the country\u2019s cryptocurrency market. If adopted, the idea would require cryptocurrency exchanges to get operating licenses from the country\u2019s financial services and financial markets authority.<\/p>\n

According to the plan, any intermediary for digital assets intending to \u201cissue and deal in digital asset facilities\u201d must first get an Australian financial services license, which is a license given by the Australian Securities and Investments Commission (ASIC). However, digital asset intermediaries with assets worth less than $5 million AUD (about $3.18 million) are immune from this rule.<\/p>\n

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This proposal expands the licensing structure for Australia to cover cryptocurrency brokers and other dealers. It specifies particular requirements for companies running digital asset facilities.<\/p>\n

The proposal states that, provided certain criteria are met, those conducting transactions involving digital assets are exempt from needing an Australian financial services license.<\/p>\n

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  1. They are transacting on a digital asset facility provided by a licensed platform provider.<\/li>\n
  2. The transactions do not involve digital assets classified as financial products.<\/li>\n<\/ol>\n

    The plan also targets market misbehavior, which includes problems including market rigging, fraudulent trading, and market manipulation. It places the burden of preventing these vices on bitcoin exchanges.<\/p>\n

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    Specifically defined \u201clisting criteria\u201d would have to be established and followed by cryptocurrency exchanges for each product that was made accessible for trade on their platforms. They must also make sure that any transactions involving digital assets only take place once enough information about the specific token or tokens involved has been disclosed.<\/p>\n

    The regulatory clarification provided by this proposal will bring Australia\u2019s cryptocurrency industry<\/a> closer to compliance with established financial regulations. The nation wants to promote accountability and transparency in the bitcoin business, so it has enlisted ASIC. For the cryptocurrency exchanges and traders that operate in Australia, the conclusion of this proposal might have significant ramifications.<\/p>\n<\/p><\/div>\n

    Source link <\/a>
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    (Originally posted on : Crypto News – iGaming.org ) A regulation proposal under consideration in Australia might alter the country\u2019s cryptocurrency market. If adopted, the idea would require cryptocurrency exchanges to get operating licenses from the country\u2019s financial services and financial markets authority. According to the plan, any intermediary for digital assets intending to \u201cissue […]<\/p>\n","protected":false},"author":5,"featured_media":24051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24050"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=24050"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24050\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/24051"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=24050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=24050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=24050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}