Cryptocurrency in Australia is developing every year. There are more and more miners, so the government has come to grips with the issue of regulating this currency. The act that regulates cryptocurrency-related activities throughout Australia is called the Corporations Act.
It was created back in 2001 and is known in the world as the ASIC-based law, which stands for the Australian Securities and Investment Commission. In other words, it is the Australian Securities and Investments Commission.
Nowadays, cryptocurrency is considered an electronic currency. ASIC, in its speech dated 11/13/2014, clarifies that in the act issued earlier, the cryptocurrency is not classified as financial working capital.
Therefore, previously, it was not required to obtain any permission to work with cryptocurrency in Australia. The act states that when working with the sector in which the exchange for the so-called fiat money is made, you must have a license permit.
If a company uses cryptocurrency as a material investment in the development of a real production industry, it is necessary to clarify whether licensing is necessary or not (taking into account section 5C Corporations Act).
When the fund contains more than 20 people, you must complete full registration with ASIC:
The regulator allows the company to issue all documents through the ASIC, both before applying for authorization, and performing these two actions simultaneously.
The documentation for obtaining this license differs from each other based on the activities of the company.
The following funds are distinguished:
However, to register, you still need the help of lawyers, contact Eternity Law International right now!
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