Australia Increases Capacity of Cryptocurrency Inspection Team After This Event!

According to The Guardian, the Australian Securities and Investments Commission (ASIC) Ethereum After switching from Proof of Work (PoW) system to Proof of Stake (PoS) system cryptocurrency increased the capacity of the team.

This change in Ethereum set the stage for Gary Gensler, Chairman of the US Security and Exchange Commission, to announce that PoS-based tokens can be classified as securities.

Australian Cryptocurrency Teams Put Ethereum Under Closer Scrutiny After Moving To Proof of Stake Mechanism

Ethereum has come under re-scrutiny following last week’s Merge event as ASIC prepares to decide whether the market’s second-largest cryptocurrency is subject to its own surveillance.

ASIC’s Ethereum cardano and wither Crypto exchanges may have to either delist these tokens or begin to comply with stricter regulatory requirements.

This will include applying for financial services licenses for exchanges and demonstrating that these platforms have substantial liquidity in their reserves.

Such a move could force some crypto firms to change their business models, as even the market’s largest stablecoin, Tether, has been embroiled in controversy for allegedly not holding enough dollar reserves to support its stablecoin.

While the regulator has yet to make a final decision, Greg Yanco, managing director of markets, told The Guardian that ASIC will not be “an incentive for crypto assets.”

*Not investment advice.

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