'More questions than answers': Crypto CEO knocks ASIC's blockchain push
ASIC has put the cryptocurrency industry on notice: soon, a financial services licence may be required, even for businesses that aren’t exchanges.
The leader of one of Australia’s oldest cryptocurrency exchanges has questioned the corporate watchdog’s decision to bring more crypto businesses under its purview.
ASIC commissioner Alan Kirkland has warned that many cryptocurrency businesses — not just exchanges — will soon need to obtain an Australian Financial Services Licence (AFSL). Updated guidance will be coming before the end of the year, Kirkland told Capital Brief.
The goal is to make crypto conform to existing rules, he said. However, Caroline Bowler, CEO of BTC Markets, said ASIC's move falls short of providing the regulatory clarity the industry has been seeking.
“It’s super broad, the ambiguity in the language if anything just creates more questions than it provides,” Bowler said, pointing out that it remains unclear which specific activities will require a licence.
