Crypto exchanges to be regulated under bolstered licence regime.

Caroline Bowler, CEO of BTC Markets responds to the consultation paper from the Commonwealth Treasury regarding proposed regulation of crypto-asset exchanges in Australia:

“At BTC Markets, we are pleased to have reached this key milestone. A positive progression for the crypto industry; a great next step for the Australian economy. Digital assets are so clearly the future of financial services. It is imperative the country keeps pace with our international peers, with a robust regulatory framework.

BTC Markets has long agitated for appropriate, proportional regulation of the crypto industry in Australia. This includes holding an AFSL under our sister company, BTCM Payments, since 2022, in order to be licensed to offer non-cash payment products. BTC Markets has actively engaged with the regulatory process locally and contributes to international submissions. We look forward to continuing the consultation process with government on this key legislation.

We share the desire for widespread investor protections. Mirroring traditional financial products will give investors similar comforts when they trade crypto or other digital assets.

BTC Markets has been built around traditional finance risk frameworks. We fully intend to be one of the first exchanges to qualify under the new framework.”

Read the full proposal: Regulating Digital Asset Platforms, Proposal Paper, October 2023.