The Australian Treasury has released its latest consultation paper on cryptocurrencies, where it says that crypto exchanges will be required to apply for a financial services licence.
The Australian treasury's newly-released consultation paper will require to crypto exchanges to apply for financial services licence from the local financial regulator.The Australian federal government is charging forward with plans to regulate the digital asset sector at the exchange level, and may soon require cryptocurrency exchanges to hold a financial services license issued by the local financial regulator., released on Oct.
Jonathon Miller, the Director of Kraken Australia, however, expressed his disappointment at the latest developments, saying that the consultation paper was essentially “shoehorning" crypto in existing financial services regulation. "I’m hopeful that we can work collaboratively with the Government to make sure we don’t snuff out the benefits of future innovations in crypto that might fall outside the conventional ‘financial services’ box.
"Whatever the Treasury suggests, it is just that – a suggestion only. The Government is not bound to follow its recommendations, and there will be lobbying once the consultation paper comes out."
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