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Exchanges with specific asset levels must obtain an Australian Financial Services License The draft legislation is expected to go out by 2024. A consultative process seeks input from stakeholders and the public on 32 key regulatory themes. In a significant move towards regulating the rapidly expanding crypto currency industry in Australia , Australia ’s Treasury has unveiled plans to introduce a comprehensive licensing regime for crypto exchange s. The initiative is designed to enhance consumer protection, bring much-needed clarity to the digital asset sector, and pave the way for the nation to align with global regulatory standards. The newly proposed regulatory framework Under the newly proposed framework, cryptocurrency exchanges operating in Australia must obtain an Australian Financial Services license (AFSL) from the Australian Securities and Investments Commission (ASIC). This regulatory measure will be applicable to exchanges that hold mor...

The exchange operator is instituting new KYC requirements for users from September 2023 to comply with developing global regulatory guidelines. Seychelles-based cryptocurrency derivatives exchange Bitget is updating its Know Your Customer (KYC) requirements for users to stay in step with global regulatory guidelines.  According to the company, the new KYC requirements are being instituted to protect user rights and interests, shape a secure cryptocurrency trading environment and comply with regulatory recommendations from various global watchdogs. BitGet will adjust its KYC verification requirements from September 2023, with newly registered users required to complete level 1 KYC verification to access a variety of Bitget’s services including deposits and trading of cryptocurrencies. Bitget's updated KYC mandate. Source: Bitget Users that signed up to the platform before Sept. 1 are required to complete KYC verification by Oct. 1, 2023. The derivatives exchange notes that user...

Join Our Telegram channel to stay up to date on breaking news coverage Voyager Digital, an embattled crypto brokerage, recently started selling off its digital asset holdings on a number of exchange s. According to Arkham Intelligence, Voyager was selling assets at a rate of $100 million per week, and it currently holds nearly $700 million in two wallets. Voyager continuing to sell assets at a rate of around $100M/week. Currently they hold almost $700M in two very large wallets. Their top holdings: $268M ETH $236M USDC $77M SHIB pic.twitter.com/ZtTQSVJLrJ — Arkham (@ArkhamIntel) February 27, 2023 Arkham data also shows that Voyager has transferred at least $54 million in crypto to Coinbase and Binance.US in the last week, likely in order to sell the assets. The transferred assets consist of around $24.7 million in ETH, another $12.2 million in SHIB, and approximately $2.5 million in LINK, all in the last seven days. Since the start of February, the broker deposi...