🚀 Australia Proposes Digital Asset Framework to Enhance Customer Protection
#Australia #DigitalAssets #Regulation #Cryptocurrency #FinancialServices #ASIC #CustomerProtection #DigitalAssetFramework #TokenizedPlatforms #CorporateAmendment #FinancialProducts #FinancialLicense #CryptoExchanges #AustraliaLegislation #ProductivityGrowth
According to ChainCatcher, Australia's Treasurer Jim Chalmers and Minister for Financial Services Daniel Mulino presented the 2025 Corporate Amendment (Digital Assets Framework) Bill to Parliament on Wednesday. The legislation aims to address regulatory gaps and enhance the protection of billions in customer assets.
The bill seeks to bring cryptocurrency exchanges and custodial service providers under the regulatory scope of financial services laws, designating the Australian Securities and Investments Commission (ASIC) as the primary regulatory body. The new framework introduces two new categories of financial products: digital asset platforms and tokenized custodial platforms, requiring operators to hold an 'Australian Financial Services License.' These platforms must operate 'efficiently, honestly, and fairly,' adhering to ASIC standards concerning asset security, transaction execution, and client instruction handling.
The bill includes exemption clauses for low-risk platforms holding assets below $5,000 per client and with annual transaction volumes under $10,000,000, allowing them to bypass full licensing requirements. The government anticipates this move will unlock $24 billion in productivity growth annually, while imposing multi-million dollar fines on companies failing to protect customer assets.#Australia #DigitalAssets #Regulation #Cryptocurrency #FinancialServices #ASIC #CustomerProtection #DigitalAssetFramework #TokenizedPlatforms #CorporateAmendment #FinancialProducts #FinancialLicense #CryptoExchanges #AustraliaLegislation #ProductivityGrowth
🚀 XRP Open Interest Declines Significantly Since July Peak
#XRP #OpenInterest #CryptoMarket #ETFs #Ripple #FinancialLicense #MarketFluctuations
XRP open interest has experienced a substantial decline, dropping approximately 78% from a peak of $10.94 billion in July to around $2.40 billion. According to NS3.AI, this decrease comes amid ongoing market fluctuations. Despite the downturn, spot XRP ETFs have managed to accumulate over $1.4 billion since their launch in November, maintaining their exposure throughout the market drawdown. Additionally, Ripple announced on March 11 that it has obtained an Australian Financial Services License following its acquisition of BC Payments Australia.#XRP #OpenInterest #CryptoMarket #ETFs #Ripple #FinancialLicense #MarketFluctuations