ASIC's attempts to clarify crypto rules confuses digital exchanges

Major cryptocurrency exchanges say attempts by the corporate regulator to clarify the rules about how digital assets should operate have made it no easier to determine what they need to obtain licences for.

The exchanges, which hold more than $20 billion in bitcoin and other assets for local investors, say the only way to overcome this lack of clarity is with Treasury drafting new rules to spell out what is covered.

James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at [email protected]