Australian regulators are set to introduce a new guidance requiring cryptocurrency exchanges to obtain financial services licenses, signaling a more structured approach to crypto regulation. The Australian Securities and Investments Commission (ASIC) plans to extend licensing requirements beyond current regulations, aiming to ensure that major crypto assets like Bitcoin and Ethereum fall under the Corporations Act. Commissioner Alan Kirkland emphasized that ASIC’s intention is to boost consumer confidence and market integrity, encouraging responsible innovation in the crypto industry.

This move comes after Senator Andrew Bragg criticized the government for slowing down progress in crypto regulation. Bragg stated that Australia, once a leader in the crypto space, has become a “crypto laggard” due to delays in implementing a clear regulatory framework. Despite these setbacks, ASIC is expected to release updated guidance in the coming months, seeking feedback from the industry.

The new regulations promise to enhance protections, providing a safer environment for crypto enthusiasts while promoting growth and innovation in the sector.

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