Sun, February 05, 2023

Crypto Industry in Australia

Crypto exchanges and laws

Crypto-related companies are working hard to attract new customers. It is not a secret that crypto adoption is a serious challenge due to various factors. Nevertheless, the number of registered continues to rise in Australia.

In this country, crypto exchanges should meet certain requirements to receive permission to operate in Australia.

For example, a digital services provider must register with authorities. Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006 requires digital currency exchange providers to implement regulations.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is the country’s financial intelligence agency and anti-money laundering, regulator. This agency has the authority to cancel the registration. The regulator canceled the registration of three companies. Webpark Pty. Ltd, Auscoin ATM Pty Ltd, and CAN 625 238 735 Pry. Ltd failed to comply with laws.

Furthermore, AUSTRAC suspended the registration of Cryptocurrency Transaction Machines Pty. Ltd. Also, the regulator declined to register three exchanges.

Interestingly, AUSTRAC does not publish the list of all approved crypto exchange service providers.

Australian authorities and crypto exchangesCrypto exchanges and Australia

The Australian Securities and Investments Commission (ASIC) is regulating crypto assets as well as tokens that fall under the definition of financial products. Companies who would like to raise funds through initial coin offerings (ICO’s) also fall under this category.

Companies interested in ICO’s should be aware of the local law. For example, securities law may apply to such companies. It means that a company should possess an Australian financial services license.

More than 300 crypto exchanges are registered in Australia, according to the government agency overseeing this industry.

Based on the latest results, the number of registered exchanges increases by 27% or 66 exchanges compared with February 2019. Currently, there are 312 registered exchanges in the country.

This data shows that the crypto industry is developing in Australia. This is beneficial for crypto owners as they can choose from 312 crypto exchanges.

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