ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.


24hr ---

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story


Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
Ether Price Analysis
Contact Us

New Australian Draft Legislation Would Empower FinTech Innovation



De Silva

On Tuesday, the Australian government published draft legislation and regulations to create an “enhanced regulatory sandbox to support innovation in financial services.” Companies exempt from ASIC licensing requirements would be able to test a variety of FinTech activities.

In order to “help firms overcome the initial regulatory burden and costs of licensing that may otherwise hinder innovative offerings,” the Turnbull Government in Australia published draft legislation and draft regulations for an “enhanced regulatory sandbox” on October 24, 2017. The latest proposals were announced on the website for the Treasurer of the Commonwealth of Australia, MP Scott Morrison.

Firms that are granted exemptions from the Australian Financial Services Licence (AFSL) and/or the Australian Credit Licence (ACL) would be able to test a variety of FinTech activities. The Australian Securities and Investments Commission (ASIC) would make the determinations on how exemptions start and cease to apply.

In a statement, MP Morrison wrote, “The 24‑month testing timeframe will improve firms' ability to evaluate the commercial viability of new concepts, promoting greater competition and delivering more choice for Australian consumers.”

Some of the FinTech products and services that would be tested under the new framework include:

  • providing holistic financial advice in relation to superannuation, life insurance and domestic and international securities;
  • issuing and facilitating consumer credit;
  • issuing non-cash payment products; and
  • providing a crowd-funding service.

An explanatory memorandum for the legislation is available here. Consultation is open until November 3, 2017, for the draft legislation and until December 1, 2017, for the draft regulations.

ASIC has proven friendly to cryptocurrency and FinTech advances. In September 2017, ASIC issued guidance to explain that token offerings have “the potential to make an important contribution to the options available to businesses to raise funds.” Also in Australia, the Parliamentary Friends of Blockchain Group was launched in August 2017.

Matthew De Silva

Matthew has a passion for law and technology. He graduated from Georgetown University, where he studied international economics and music. Matthew enjoys biking and listening to tech podcasts. He lives in Los Angeles.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Australia, FinTech or other Ethereum law and legislation news.