Summary
- It was reported that under the new regulatory framework announced by the Australian government, virtual asset companies are required to obtain a license.
- Small businesses or enterprises unrelated to financial services are exempt from this regulation.
- The Australian Treasury stated that by referencing the regulations of the EU and Singapore, they can enhance global competitiveness.
The Australian government has announced a new regulatory framework for the virtual asset (cryptocurrency) industry.
According to Decrypt on the 21st (local time), under the new regulatory system of the Australian government, virtual asset companies are required to obtain a license.
However, small businesses or enterprises unrelated to financial services are exempt from regulation. Additionally, there are plans to address issues such as restricted access to banking services for virtual asset companies.
In this regard, the Australian Treasury stated, "This measure is based on the regulatory approaches of the European Union (EU) and Singapore, and through leading examples, Australia can enhance its global competitiveness in the virtual asset sector."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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