London Stock Exchange Reveals Digital Markets Business, Australia Drags its Feet on Crypto Regulation

Written by BTSE

September 5, 2023

Trending Tokens on BTSE:

24h %





(as of 10:30 AM Singapore Time, September 5, 2023) 


As the sun rose over Asia this morning, large market cap cryptos have remained relatively unmoved. Bitcoin (BTC) held at $25.7K, a small fluctuation of -0.92% from the previous day. Ethereum (ETH) saw a slightly larger slide of 1.14%, but remained comfortable above the $1.6K mark. Other large market cap altcoins Ripple (XRP) and Dogecoin (DOGE) saw similarly small movements of -0.77% and 0.17% respectively. Altogether, large market cap cryptos led a largely stable market overnight.

In other news, The London Stock Exchange Group (LSEG) has revealed it intends to establish a blockchain-based digital markets business utilizing cryptocurrency technology to enhance traditional financial asset trading. The group aims to create a seamless and cost-effective digital market ecosystem for capital raising and transfer across various asset classes. After a year of assessing blockchain-powered trading feasibility, LSEG is at an “inflection point” and plans to progress with its initiative. The group is contemplating the creation of a distinct legal entity for the digital markets business and aims to launch the venture in the coming year, subject to regulatory approval.

On the other side of the world, the Australian Senate Economics Legislation Committee has rejected the “Digital Assets (Market Regulation) Bill 2023” that was previously introduced by Senator Andrew Bragg, urging the government to engage further with the industry to develop suitable digital asset regulations. The committee’s decision, divided along party lines, was criticized by Bragg for slowing the crypto regulation progress. The committee cited lack of detail, uncertainty, and misalignment with international standards as reasons for the bill’s rejection. Meanwhile, despite expectations, the government’s Treasury has yet to release a consultation paper proposing a framework for licensing and custody of crypto asset service providers, leaving the industry awaiting clarity. The Australian central bank’s CBDC pilot concluded that a decision on a digital currency is still years away.


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