Cryptocurrency exchanges and firms promoting investing in digital assets will need to be licensed in a sweeping shake-up of rules governing the booming crypto sector being considered by the corporate regulator.
The Australian Securities and Investments Commission has proposed a prosecution “safe harbour” for start-ups that apply for the financial licences quickly and says owning bitcoin, ethereum and other commodity-like cryptocurrency assets would not fall under its new rules.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
