Cryptocurrencies Under Scrutiny: CEO Questions ASIC's Blockchain Regulation

Wednesday, 25 September 2024, 15:36

Cryptocurrencies are facing increased scrutiny as ASIC's regulatory framework expands to more startups. The CEO of BTC Markets critiques the lack of clarity in ASIC's approach, claiming it raises more questions than answers. While ASIC aims for broader compliance, industry leaders express concerns over the ambiguous guidelines that challenge the operational landscape for cryptocurrency businesses.
Capitalbrief
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.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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