Cryptocurrencies Under Scrutiny: CEO Questions ASIC's Blockchain Regulation
Regulatory Landscape for Cryptocurrencies
The leader of one of Australia’s oldest cryptocurrency exchanges has voiced concerns about the corporate watchdog ASIC's intention to impose stricter regulations on startups. ASPIC commissioner Alan Kirkland has indicated that various cryptocurrency businesses will soon need to obtain an Australian Financial Services Licence (AFSL). The objective is to ensure that cryptocurrencies align with existing regulations.
Industry Response to ASIC's Initiative
However, Caroline Bowler, CEO of BTC Markets, articulated that ASIC's initiative does not deliver the regulatory clarity sought by the crypto industry. “It’s super broad, and the ambiguity in the language only creates more questions than it answers,” Bowler argued. Notably, it remains uncertain which precise activities will necessitate licensing.
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