Australian Government set to regulate exchanges by 2024.

[Lida93]

Crypto exchanges based in Australia would be made to possess a financial service license. A license that will be issued by the country's regulator of the financial services sector  the Australian Securities and Investments Commission, and by this it is only for those exchanges holding an exceeding amount of $3.2 million (A$5M) would be issued permit. The motive is said to protect consumers of exchange services which in other ways a groundwork to the growth of cryptocurrency.


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It's a right thing for government to do by initiating regulatory laws projected to protect her citizens from the possible wrongful manipulations of exchanges. Meanwhile, in recent scenarios draft legislations by government for the regulation of exchanges operating in the country have made a number of exchange's to exit countries they were once operational due to how unfavourable the regulatory laws made were said to be to the exchange's. Example of a fresh case we know of is that of binance leaving some of the countries they were once operating as a result of the regulations "might" have been grossly rigid for their business.

Therefore, is it possible that this proposed laws for 2024 by the Australian government would be something different from those of other countries that had to point some exchanges to the exit door?

Government is known for being too economical with the truth, as on the outer surface it's said to be all about protecting consumers but on the deeper perspective it might be regulations that's are weigh beyond just protecting consumers and maybe that's why some of these exchanges had to leave because the can't abide by the very regulations.

[Yogee]

[....]Example of a fresh case we know of is that of binance leaving some of the countries they were once operating as a result of the regulations "might" have been grossly rigid for their business.

Leaving or getting kicked out? It's probably the latter but they want to make it sound better. Australia has already cancelled their derivative license from what I read and users can still trade on their spot exchange but it's getting more difficult to deposit with the cutting off of their payments provider.

[Faisal2202]

Government is known for being too economical with the truth, as on the outer surface it's said to be all about protecting consumers but on the deeper perspective it might be regulations that's are weigh beyond just protecting consumers and maybe that's why some of these exchanges had to leave because the can't abide by the very regulations.

You made a valid point here because they definitely say that they are making these changes for the good of the consumers but from the inside, they are planning to make things more centralized and according to their own rules. I think, the Australian country has not had good trading volume, and crypto investors now, that now they are trying to up the game and they will make some good profits by fearing them out. I am not saying that they will release some (exchanges) by taking bribes.

All I am saying is that might increase the tax which was already implemented by them. But these small implementations are not random, instead, these are part of the domino effect. And planned by governments. Overall, they really did good and they will definitely step up in the field of crypto and more investors will come to their country.

Well, just to clarify, this topic was already shared by some users before:

https://bitcointalk.org/index.php?topic=5470501.msg63002518#msg63002518 by bitnote

[ZAINmalik75]

Well, just to clarify, this topic was already shared by some users before:

https://bitcointalk.org/index.php?topic=5470501.msg63002518#msg63002518 by bitnote

You are right, I even posted on that topic, talking about this step in this thread. I would add that they did really well to step into this field further because one step makes you take another one too. It means Australia can also become a hub of crypto like Hong Kong, and they might get many investors and venture capitalists, as you already stated above. I mentioned in my post made yesterday on the same topic created by Bitnote that

They might ask new big exchanges to comply with their ASIC requirements, which of course many exchanges will fail to comply with, like Binance, which flew away from the US for not complying with the rules of the SEC.

I hope Binance doesn't have to flee Australia because it will definitely have a bad impact on the overall market, just like it did back when Binance left the US. Things get dirty, so I don't want that. I hope Australia will come up with friendly rules to be followed by these CEXs.