Australian regulators are set to introduce new guidance requiring cryptocurrency exchanges to obtain financial services licenses, indicating a more structured approach to crypto regulation. The Australian Securities and Investments Commission (ASIC) aims to expand these licensing requirements so that major cryptocurrencies, such as Bitcoin and Ethereum, fall under the Corporations Act, with the intent to enhance consumer confidence and market integrity.

This initiative follows criticism from Senator Andrew Bragg, who pointed out that Australia has fallen behind in crypto regulation, calling the country a “crypto laggard.” Bragg’s concerns highlight the need for a clearer regulatory framework, which has been delayed, impacting Australia’s position as a leader in the crypto space.

The upcoming regulations are designed to improve consumer protections, creating a safer environment for crypto users while also fostering growth and innovation in the industry. ASIC is expected to release updated guidance in the near future, actively seeking feedback from industry participants.

Sygnum, a leading global digital asset bank, has enhanced its European presence by registering its subsidiary with Liechtenstein’s Financial Market Authority (FMA). This registration enables Sygnum to offer regulated crypto services, including brokerage, custody, and B2B banking, within the European Economic Area, leveraging Liechtenstein's progressive and crypto-friendly regulations.

Establishing operations in Liechtenstein grants Sygnum access to the entire EU market, which is strategically beneficial as the Markets in Crypto-Assets Regulation (MiCA) is set to take effect in 2025. The company's Chief Clients Officer, Martin Burgherr, emphasized the significance of this move in expanding Sygnum’s regulated footprint across the EU, the world's largest trading bloc.

Sygnum is on a path to becoming a key player in the European crypto market, having already made advances in Asia and Luxembourg. The bank recently achieved profitability and further solidified its innovative role by issuing the first Bitcoin-backed syndicated loan through a regulated bank, marking a milestone in its journey.

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China continues to dominate the global Bitcoin mining industry with a 55% share of the network’s hashrate, driven by its established infrastructure and expertise. Meanwhile, the United States has gained significant ground, controlling 40% of the hashrate, thanks to increased investments and favorable regulations in certain states. While other countries are beginning to expand their mining contributions, the power dynamic remains heavily tilted towards these two nations, impacting the decentralization and security of Bitcoin.