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Senator raises concerns over lack of checks for crypto businesses seeking financial services licences

Senator raises concerns over lack of checks for crypto businesses seeking financial services licences

Andrew Bragg says businesses promote themselves as regulated – despite there being no regulation of cryptocurrency in AustraliaGet our morning and afternoon news emails, free app or daily news podcastAustralia’s financial services regulator was queried multiple times about a cryptocurrency exchange’s use of a financial services licence that does not cover cryptocurrency.This week Guardian Australia reported that failed cryptocurrency exchange FTX obtained an Australian Financial Services Licence (AFSL) through the takeover of a company that already held the licence – and the Australian Securities and Investment Commission (Asic) did not conduct any checks to see if FTX was fit and proper to hold the licence.

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