CandleFocus Australia requires VASP license under new rules
2024-10-03
Author: Content Editor
Australia's virtual asset service providers (VASPs) will need to obtain financial services licenses under a new regulatory regime, according to the Australian Securities and Investments Commission (ASIC). The commission believes that the country's Corporations Act covers most major digital assets and therefore exchanges facilitating their trading must be included under this act. Some industry stakeholders and legislators believe that ASIC's regulatory stance is too stringent and is stifling the sector. Meanwhile, Turkey has suspended plans to tax income from digital assets and stocks following backlash from investors. The government now aims to narrow tax exemptions instead. This comes after Turkey's attempt to increase capital market gains taxes resulted in a significant drop in trading volumes.
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