By: Daniel Knight and Ben Kneebush
On 4 June 2024, the latest chapter in ASIC’s crypto-asset enforcement efforts unfolded with the Federal Court relieving Block Earner from liability to pay penalties in connection with providing unlicensed financial services (ASIC’s media release can be found here).
Read MoreBy: Daniel Knight and Kithmin Ranamukhaarachchi
The Australian Attorney-General’s Department (Department) has released five consultation papers outlining proposals for extensive reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
Read MoreBy: Daniel Knight and Kithmin Ranamukhaarachchi
The Australian Attorney-General’s Department (Department) has released five papers outlining proposals for extensive reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
Read MoreBy: Dan Knight and Ben Kneebush
On 12 March 2024, the Australian Treasury released for consultation an exposure draft legislative package that proposes to amend the current regulatory framework to regulate low cost credit contracts (LCCCs), including Buy Now Pay Later (BNPL) arrangements and other types of credit contracts. These changes are designed to be flexible, adaptable and proportionate to the risk of consumer harm.
Read MoreBy Daniel Knight and Kithmin Ranamukhaarachchi
Yesterday the Australian Federal Government released its proposal paper on regulating the crypto industry (Paper). The government proposes to regulate exchanges, custodians and other digital asset service providers within the scope the Australian Financial Services (AFS) licensing regime.
Read MoreBy Daniel Knight and Simon Kiburg
Earlier this month the government released a raft of documents on the future of payments regulation in Australia. These documents are:
In this Blog Post we take a deeper look at some of the key proposals from the Consultation Papers and what they will mean for operators in the payments ecosystem.
Read MoreBy Daniel Knight, Cameron Abbott, Rob Pulham, Dadar Ahmadi-Pirshahid
Amid global calls for tailored regulation of artificial intelligence tools, the Australia Federal Government has released a discussion paper on the safe and responsible use of AI. The Government is consulting on what safeguards are needed to ensure Australia has an appropriate regulatory and governance framework.
Read MoreBy Daniel Knight and Grace Hall
The Australian Government has committed to reforming Australia’s AML/CTF regime, with proposed reforms set to impact digital currency exchange (DCE) providers.
Read MoreBy Daniel Knight and Hugo Chow
All holders of an Australian Financial Services License (AFSL) with a retail client authorisation will need to comply with ASIC’s internal dispute resolution (IDR) reporting framework. Summary reports will need to be provided to ASIC on a 6 monthly basis, highlighting the status of each client complaint. Reporting obligations commence from 1 July 2023 (for reporting in January or February 2024). AFSL holders should put systems in place now to ensure all required information is being captured.
Read MoreBy Daniel Knight and Oliver Herrmann
New licensing requirements for crypto service providers are coming, following a series of consultations launched last week by Treasurer, Jim Chalmers. The Government approach focuses on strengthening enforcement, bolstering consumer protection and ultimately establishing a new licensing framework.
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