Australian liquidators have recovered solely $6.7 million of an estimated $60 million invested in NGS Crypto, a “digital mining” scheme marketed as a retirement technique. The Federal Courtroom ordered the Gold Coast-linked group to be wound up after discovering it operated with out a monetary companies licence and posed aContinue Reading
The Australian Securities and Investments Fee (ASIC) has issued a “class aid” which considerably lowers the licensing hurdle for intermediaries dealing with stablecoins and wrapped tokens on secondary markets. This aid means exchanges, brokers, and fintechs now not want a separate Australian Monetary Providers (AFS) license for this exercise, makingContinue Reading
The US Senate Agriculture Committee launched the dialogue draft of its portion of the Senate’s crypto market construction laws on Monday. The opposite half of the invoice is managed by the Senate Banking Committee. The invoice defines some key phrases and the way some ideas work together with different laws,Continue Reading
Australia’s monetary watchdog, ASIC, up to date its steerage, signaling that a lot of the digital asset sector already falls underneath the Companies Act 2001. ASIC reframed its steerage from “crypto property” to “digital property” and added 13 eventualities detailing when tokens and staking applications are thought-about monetary merchandise. ToContinue Reading
Australia’s market regulator, ASIC, has granted class relief to secondary distributors of stablecoins issued by Australian Financial Services (AFS) licensed issuers, removing significant regulatory overhead for distributors. The relief currently only applies to one stablecoin, AUDM issued by Catena Digital, but ASIC said it may extend the relief as moreContinue Reading
Aussie digital asset financial services firm, Block Earner, announced it has secured an additional AU$8 million in Series A funding. It follows Block Earner’s launch of Australia’s first Bitcoin-backed home loan product last month, which the company claims has already attracted AU$400 million in mortgage demand. Block Earner said theContinue Reading
Australia’s financial regulator, ASIC, has issued a public warning against crypto exchange Bitget for allegedly promoting high-risk derivatives with extreme leverage to Australian users without the required AFS license. ASIC emphasised that these unlicensed products expose investors to significant losses and strip them of crucial protections under Australian financial servicesContinue Reading
