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The Coin Rise 2024-12-04 08:10:25

Australia Brings New Crypto Licensing Rules, Sparks Industry Concerns

Australia Brings New Crypto Licensing Rules, Sparks Industry Concerns

The Australia Securities and Investments Commission (ASIC) has unveiled a consultation paper proposing stringent licensing requirements for crypto firms operating within the country. Released on December 4, the guidelines categorize many digital assets as financial products, compelling firms to obtain Australian Financial Services Licenses (AFSL) or Australian Market Licenses to continue operations. The proposed regulations aim to provide clarity but have elicited mixed reactions from industry stakeholders. While compliance-focused companies see the move as necessary for legitimizing the sector, critics argue it could stifle innovation and force startups to relocate offshore. Kate Cooper, CEO of Zodia Custody, views the shift as a necessary wake-up call for the crypto industry. “Compliance is no longer optional,” she stated, urging businesses to reassess their custody and compliance practices. High Costs Raise Concerns for Startups in Australia The financial burden associated with obtaining licenses is a primary concern, particularly for smaller businesses. Liam Hennessy, a partner at Clyde & Co, warned that the hefty compliance costs could overwhelm startups, leaving the market dominated by larger players better equipped to absorb these expenses. Echoing this sentiment, Joni Pirovich, a prominent crypto lawyer, noted on LinkedIn that launching a crypto firm in Australia may now rival or exceed the costs of setting up operations overseas. This could discourage Australian entrepreneurs from entering the market locally, pushing innovation offshore. Charlie Karaboga, co-founder and CEO of Block Earner, criticized ASIC’s expectations for startups to maintain financial reserves to meet licensing requirements . With only 13 employees , Karaboga described the guidelines as potentially “crippling” for smaller ventures like his. Industry Welcomes Clarity but Questions Implementation Despite the concerns, the guidelines offer much-needed regulatory clarity , a sentiment shared by many industry leaders. “Anything which provides regulatory certainty is a positive step,” said Hennessy, adding that the move could establish Australia as a serious player in the global crypto landscape. However, some worry that the regulations are excessively stringent. Swyftx CEO Jason Titman highlighted that no other country regulates crypto exchanges as strictly as Australia, describing the move as a bold but isolating approach. ASIC’s consultation period for the proposed guidelines runs until February 28, 2025, with final regulations expected by mid-year. The post Australia Brings New Crypto Licensing Rules, Sparks Industry Concerns appeared first on TheCoinrise.com .

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