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.