{"id":61720,"date":"2023-10-16T17:58:48","date_gmt":"2023-10-16T21:58:48","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=61720"},"modified":"2023-10-16T18:00:17","modified_gmt":"2023-10-16T22:00:17","slug":"australia-proposes-new-licensing-regime-for-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/australia-proposes-new-licensing-regime-for-crypto-exchanges\/","title":{"rendered":"Australia Proposes New Licensing Regime for Crypto Exchanges"},"content":{"rendered":"\n

The Australian Treasury has posted a consultation paper outlining a new regulatory framework for cryptocurrency exchanges<\/a>.<\/p>\n\n\n\n

\"Australia
Australia Proposes New Licensing Regime for Crypto Exchanges<\/figcaption><\/figure>\n\n\n\n

Companies that deal in cryptocurrencies will need to apply for a financial services license under the new legal framework<\/a>. The main goal of the new regulatory framework will be to safeguard investors without impeding the development of the Australian cryptocurrency ecosystem.<\/p>\n\n\n\n

According to the consultation paper, the country would regulate cryptocurrency players according to current financial services legislation.<\/p>\n\n\n\n

Cryptocurrency exchanges must now register with the Australian Securities and Investment Commission\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> (ASIC) and receive an operating license if they handle more than $3.2 million, or more than $946 per person.<\/p>\n\n\n\n

The Australian government<\/a> has passed several laws to encourage the widespread use of cryptocurrencies. For instance, cryptocurrencies like Bitcoin are treated as tangible currency for tax purposes due to the Australian treasurer's decision to remove the Goods and Services Tax.<\/p>\n\n\n\n

An ecosystem built on cryptocurrencies has also grown quickly in Australia, particularly in Brisbane. To enable tourists to pay for their journey using virtual currencies, plans are being made to link the booming tourism sector with cryptocurrencies.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Australian Treasury has posted a consultation paper outlining a new regulatory framework for cryptocurrency exchanges. Companies that deal in cryptocurrencies will need to apply for a financial services license under the new legal framework. The main goal of the new regulatory framework will be to safeguard investors without impeding the development of the Australian […]<\/p>\n","protected":false},"author":43,"featured_media":61722,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1390,1713],"class_list":["post-61720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-australia","tag-crypto-exchanges"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/croc_1697489736458.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/61720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=61720"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/61720\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/61722"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=61720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=61720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=61720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}