- Australian crypto exchanges are optimistic about the new licensing regime proposed by the Australian Treasury.
- The proposed regulations aim to regulate cryptocurrency exchanges under pre-existing financial services licensing measures and introduce new guidelines for all Australian firms dealing in digital assets.
- The new regime focuses on providing a framework for industry growth and innovation, regulatory certainty for crypto service providers, and consumer protection.
- The CEO of BTC Markets, Caroline Bowler, sees the new rules as a positive progression for the crypto industry in Australia and emphasizes the importance of a robust regulatory framework.
- The CEO of Independent Reserve, Adrian Przelozny, believes that stronger regulation and policy change could help restore trust in the crypto sector and drive investment.
- The general counsel of Swyftx, Adam Percy, agrees with the Treasury’s proposals, highlighting the need for safe access to blockchain technology and room for innovation.
- The Managing Director of Kraken Australia, Jonathon Miller, expresses concern that the new rules might restrict the crypto industry within existing financial services regulation.
- However, Miller acknowledges that the consultation paper provides regulatory certainty for crypto companies operating in Australia.
- Lawyer Liam Hennessy believes the proposed regulations make sense for the Australian crypto industry and will help the nation catch up to other jurisdictions in regulating crypto.
- Australian cryptocurrency exchanges and digital asset service providers will need to prepare their applications to comply with the new licensing regime.
Australian crypto exchanges have praised plans from the Australian Treasury to regulate cryptocurrency exchanges under pre-existing financial services licensing measures. The Treasury outlined a new suite of proposed regulations in an Oct. 16 consultation paper that suggested regulating cryptocurrency exchanges under existing financial services rules and introducing new guidelines for all Australian firms dealing in digital assets.
Caroline Bowler, the CEO of BTC Markets, is pleased with the new regulations and sees them as a positive progression for the crypto industry in Australia. She emphasizes the importance of a robust regulatory framework to keep pace with international peers. Similarly, Adrian Przelozny, the CEO of Independent Reserve, commends the Federal government on its recommendations and believes that stronger regulation and policy change could help restore trust in the crypto sector.
The general counsel of Swyftx, Adam Percy, agrees with the Treasury’s proposals and highlights the need for safe access to blockchain technology while allowing room for innovation. However, Jonathon Miller, the Managing Director of Kraken Australia, expresses concern that the new rules might restrict the crypto industry within existing financial services regulation. Despite his concerns, Miller acknowledges that the consultation paper provides regulatory certainty for crypto companies operating in Australia.
Liam Hennessy, a partner at Clyde & Co, an international law firm assisting in the consultation process, believes that the proposed regulations make sense for the Australian crypto industry. He explains that they will help the nation catch up to jurisdictions like the European Union in regulating crypto. Hennessy also notes that the Australian Financial Services licensing regime is complex, requiring local cryptocurrency exchanges and digital asset service providers to start preparing their applications now.
