Australia to Regulate Crypto Exchanges By Rules of Traditional Market

  • Yuri Molchan
    📰 News

    The main regulator of Australia implements new ‘corporate plan’ for crypto trading for next five years


Australia to Regulate Crypto Exchanges By Rules of Traditional Market

Back in April, the Australian regulator working with securities and investments (ASIC), said it would watch the area of crypto and ICO, and for this reason, they are launching a new project that would research the way crypto assets are used in various areas.

New rules prove to be old ones

ASIC also intends to create a new policy for electronic exchanges that would deal with principles for managing the providers of market infrastructures to virtual trading platforms. This, experts believe, will put the sector of online exchanges on the same level of attention as conventional operators of the financial market.

Regulators tighten their hold of the industry

Australian online asset exchanges already work under the supervision of another regulator– the Australian Transactions and Reporting Analysis Center (AUSTRAC).

Bitcoin exchanges now have to be part of the AUSTRAC’s special register for online traders and also follow the compulsory anti-money laundering- and KYC requirements.

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