{"id":37464,"date":"2024-09-09T12:27:58","date_gmt":"2024-09-09T12:27:58","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/kraken-urges-clearer-crypto-regulations-in-australia-after-margin-trading-ruling\/"},"modified":"2024-09-09T12:27:58","modified_gmt":"2024-09-09T12:27:58","slug":"kraken-urges-clearer-crypto-regulations-in-australia-after-margin-trading-ruling","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/kraken-urges-clearer-crypto-regulations-in-australia-after-margin-trading-ruling\/","title":{"rendered":"Kraken Urges Clearer Crypto Regulations in Australia After Margin Trading Ruling"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Kraken is requesting more specific cryptocurrency laws in Australia in the wake of a Federal Court ruling<\/a> that determined a part of its margin extension product was illegal in the region. Kraken is pushing for a more transparent regulatory environment to benefit investors and businesses in the Australian cryptocurrency industry as a result of the September 8, 2024, ruling.<\/p>\n

Regulatory Challenges and Kraken\u2019s Response<\/h2>\n

In a blog post, Kraken expressed its dissatisfaction with the court\u2019s ruling. The exchange highlighted that Australian crypto investors and businesses face a \u201cconfusing and uncertain regulatory environment.\u201d Kraken\u2019s statement underscored that the ruling brings to light significant gaps in the country\u2019s regulatory approach to cryptocurrency. \u201cThis lack of clarity is a deeply unsatisfactory ongoing situation for the Australian crypto industry. [\u2026] This ruling makes it clearer than ever that bespoke crypto regulation is urgently needed,\u201d<\/em> Kraken emphasized.<\/p>\n

The case involves Bit Trade, a subsidiary of U.S. Payward Incorporated, which faced civil proceedings initiated by the Australian Securities and Investments Commission (ASIC). The proceedings stemmed from Bit Trade\u2019s failure to perform a target market determination before offering its margin trading product to customers. The Federal Court\u2019s ruling against Bit Trade for not meeting legal obligations has set a new precedent in enforcing compliance within Australia\u2019s crypto sector. ASIC\u2019s Deputy Chair, Sarah Court, commented that this decision aims to bolster regulatory adherence in the industry.<\/p>\n

Following the court\u2019s ruling, Kraken modified its operations within Australia. The exchange still offers cryptocurrency margin trading without interruption, however it is currently limited to wholesale clients for fiat margin trading. Although Australia has made strides in creating a legislative framework for cryptocurrencies, Kraken is nonetheless worried about possible setbacks. The exchange issued a warning, saying that it might take longer than expected to enact complete crypto laws.<\/p>\n

In an effort to improve market participants\u2019 stability and predictability, Kraken has called for more precise norms, which is in line with the larger demand for regulatory clarity in the quickly changing cryptocurrency world.<\/p>\n

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(Originally posted on : Crypto News – iGaming.org ) Kraken is requesting more specific cryptocurrency laws in Australia in the wake of a Federal Court ruling that determined a part of its margin extension product was illegal in the region. Kraken is pushing for a more transparent regulatory environment to benefit investors and businesses in […]<\/p>\n","protected":false},"author":34,"featured_media":37465,"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\/37464"}],"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\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=37464"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/37464\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/37465"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=37464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=37464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=37464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}