Australia Will Require Crypto Companies to Obtain a Financial Services License

Regulators in Australia are reportedly working on legislation that would broaden the licensing requirements for cryptocurrency exchanges.

The expansion would go beyond the current guidelines for digital currency exchanges, as stated by the Australian Financial Review (AFR).

According to ASIC Commissioner Alan Kirkland, this move is necessary because the regulator believes that most major cryptocurrencies, such as Bitcoin and Ether, fall under the scope of the Corporations Act.

Kirkland shared this information at the AFR Crypto and Digital Assets summit in Sydney on September 23. At the event, he also mentioned that the ASIC is planning to update the Information Sheet 225 of the Corporations Act in order to provide clearer guidelines on how certain crypto tokens and products should be regulated.