In a bid to safeguard consumers, the Treasury Department has released the “Regulating Digital Asset Platforms” proposal. The proposal rests on the assumption that the recent failures of cryptocurrency platforms resulted from unregulated intermediaries. The Australian Bitcoin Industry Body (ABIB) has expressed concern regarding this assumption, arguing that it does not effectively address the scams […]
ABIB recently engaged in a key meeting with the Commonwealth Treasury to address concerns regarding their proposal to regulate digital asset platforms. The proposed regulatory framework, which seeks to apply stringent financial services licensing (AFSL) requirements to all digital asset platforms, could have significant implications for Bitcoin-only exchanges. During the meeting, ABIB emphasized the need […]
The Australian Bitcoin Industry Body (ABIB) has submitted key recommendations to the Treasury’s consultation on the proposed licensing and custody requirements for Crypto Asset Secondary Service Providers (CASSPrs). ABIB’s submission underscores the need for regulatory distinctions between Bitcoin and other crypto assets, advocating for a tailored approach that supports innovation while ensuring consumer protection. With […]