🚀 Australia To Require Financial Services Licenses For Crypto Exchanges
#Australia #CryptoExchanges #FinancialServicesLicense #Regulation #ASIC #DigitalAssets #Cryptocurrency #Bitcoin #Ether #CorporationsAct #CryptoRegulation #Finance
According to Cointelegraph, Australian regulators are preparing new legislation to mandate cryptocurrency exchanges to obtain financial services licenses. The Australian Financial Review (AFR) reported that the licensing requirements for crypto exchanges in Australia will extend beyond those related to digital currency exchanges.
Alan Kirkland, commissioner of the Australian Securities and Investments Commission (ASIC), stated that the new requirements are necessary because the Corporations Act encompasses most major crypto assets like Bitcoin (BTC) and Ether (ETH). Kirkland disclosed the authority’s plans at the AFR Crypto and Digital Assets summit in Sydney on September 23.
The ASIC is set to update the Corporations Act’s Information Sheet 225 to provide more clarity on how specific crypto tokens and certain products should be treated from a regulatory perspective. Kirkland mentioned that a significant number of crypto asset firms in the Australian market are likely to need a license under the current law, as many widely traded crypto assets are considered financial products.
The updated legislation is expected to be issued by November 2024. This is a developing story, and further information will be added as it becomes available.#Australia #CryptoExchanges #FinancialServicesLicense #Regulation #ASIC #DigitalAssets #Cryptocurrency #Bitcoin #Ether #CorporationsAct #CryptoRegulation #Finance
🚀 Circle Secures Financial Services License in Abu Dhabi
#Circle #FinancialServicesLicense #AbuDhabi #Stablecoin #FSP #FinancialServicesRegulatoryAuthority #AbuDhabiGlobalMarket #MoneyServicesProvider #MiddleEast #Africa #DrSaeedaJaffar #Visa #RegionalStrategy #Partnerships #DigitalDollar #OnChainPayment #UAE #MEAMarkets
According to PANews, stablecoin issuer Circle has announced that it has received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority of Abu Dhabi Global Market. This license allows Circle to operate as a money services provider within the Abu Dhabi International Financial Centre. Additionally, Circle has appointed Dr. Saeeda Jaffar as the Managing Director for the Middle East and Africa. Jaffar, who will be leaving her role as Senior Vice President and Group Country Manager for the Gulf Cooperation Council at Visa, is set to lead Circle's regional strategy. Her focus will be on strengthening partnerships with financial institutions and businesses, as well as promoting the adoption of the company's digital dollar and on-chain payment solutions in the UAE and the broader Middle East and Africa markets.#Circle #FinancialServicesLicense #AbuDhabi #Stablecoin #FSP #FinancialServicesRegulatoryAuthority #AbuDhabiGlobalMarket #MoneyServicesProvider #MiddleEast #Africa #DrSaeedaJaffar #Visa #RegionalStrategy #Partnerships #DigitalDollar #OnChainPayment #UAE #MEAMarkets
🚀 Australian Court Fines BPS Financial for Misleading Practices
#Australia #FederalCourt #BPSFinancial #QoinWallet #FinancialServicesLicense #MisleadingPractices #ASIC #DigitalAssets #Fines #FinancialRegulation
Australia's Federal Court has imposed a fine of 14 million AUD on BPS Financial, the operator of Qoin Wallet, for operating without a financial services license. According to Foresight News, the court found that over the past three years, the company engaged in misleading and deceptive conduct regarding the use of Qoin tokens for merchant transactions and their exchangeability for cash or other digital assets. Joe Longo, Chairman of the Australian Securities and Investments Commission (ASIC), stated that the penalty aims to send a strong deterrent message to the digital asset industry.#Australia #FederalCourt #BPSFinancial #QoinWallet #FinancialServicesLicense #MisleadingPractices #ASIC #DigitalAssets #Fines #FinancialRegulation