A Sydney-based digital currency exchange is now under the authority of the Australian overseer – the first of its kind to be regulated.
Independent Reserve, a digital currency exchange, became the first Australian firm to be regulated, the exchange said on its website. The move is the result of new rules issued by the Australian Transaction Reports and Analysis Centre, or AUSTRAC, for token exchanges.
«Digital currency needs to be regulated just like any other asset class. This is an excellent new step on that journey,» said Adrian Przelozny CEO at Independent Reserve.
Elsewhere in Asia Pacific, regulators including Singapore continue to grapple with whether additional regulation is needed to protect investors in virtual currencies.
