Sweeping proposed changes would force most crypto firms in Australia to obtain financial licensing, which some worry could drive innovators offshore.
Crypto exchanges and firms dealing with digital assets in Australia would no longer be able to avoid costly licensing under proposed guidance from the country’s corporate regulator.
On Dec. 4, the Australian Securities and Investment Commission (ASIC) released a consultation paper on proposed guidance for crypto, placing many digital assets under the category of financial products requiring in no uncertain terms that most firms dealing in crypto must be licensed.
“It’s a bit of a wake-up call,” Kate Cooper, CEO of Australia and head of APAC at the Standard Chartered-backed crypto custodian Zodia Custody told Cointelegraph.
