While not every Australian crypto exchange is overjoyed with the latest regulatory proposal from the Treasury, everyone can agree that getting regulatory clarity on crypto is a much-needed step in the right direction.
Australian crypto exchanges have largely praised the Treasury’s latest proposal to place crypto exchanges under the existing financial services license regime, though some worry it could put the crypto industry into a TradFi-shaped box.Australian crypto exchanges have praised plans from the Australian Treasury to regulate cryptocurrency exchanges under pre-existing financial services licensing measures.
“We firmly believe these changes will drive investment, provide certainty to the sector and ultimately, increase consumer protection.” “Australia is now in the unfortunate situation where our regulation has taken a very long time, so we’re taking the approach of shoehorning crypto into existing financial services regulation,” said Miller.Still, Miller admitted that the consultation paper was a step in the right direction, especially for providing much-needed regulatory certainty for crypto companies operating on Australian soil.
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