New Australian Legislation to Mandate Financial Licenses for Bitcoin Exchanges – ASIC Commissioner

On September 23, Australian regulators initiated moves to mandate financial services licenses for cryptocurrency exchanges, as reported by COINOTAG. Local media highlighted that the new licensing framework will encompass a spectrum of operations extending beyond traditional digital currency trading platforms. Alan Kirkland, Commissioner of the Australian Securities and Investments Commission (ASIC), underscored the regulatory necessity, citing that the Corporations Act includes substantial coverage of prominent crypto assets like Bitcoin. He shared these insights at the AFR Crypto and Digital Assets Summit held in Sydney on the same date. Kirkland elaborated, “ASIC is poised to amend Information Sheet 225 of the Corporations Act to furnish clearer guidance on the regulatory handling of distinct crypto tokens and related financial products.”