New Crypto Exchange Licensing Bill Introduced to Australian Parliament

• A new bill has been introduced to the Australian parliament to implement a licensing framework for cryptocurrency exchanges.
• If passed, the Digital Assets (Market Regulation) Bill 2023 would require crypto exchanges in Australia to obtain a license in order to operate legally.
• The proposed framework also includes provisions for regulating stablecoins and custody obligations.

Australian Parliament Introduces Crypto Exchange Licensing Bill

On Wednesday, Australian opposition senator Andrew Bragg introduced a new bill to the country’s parliament to implement a licensing regime for crypto exchanges.

Purpose Of The Bill

If passed, the bill would require Australian crypto exchanges to obtain a license to operate legally, bringing them in line with other financial service providers in the country who are also subject to licensing requirements. The bill also includes provisions for regulating stablecoins and custody obligations.

Private Member’s Bill

Senator Bragg introduced the Digital Assets (Market Regulation) Bill 2023 as a private senator’s bill, which aims to protect consumers and encourage investment in digital assets by introducing regulatory measures. While Australian ministers typically introduce new regulatory changes, the Parliamentary Education Office notes that individual members of parliament can also introduce private members’ or private senators’ bills.

Criticism Of Government Action

Senator Bragg also criticized the current Labor government for failing to implement multiple recommendations related to crypto regulations. The Senate Select Committee in Australia introduced these regulations as a Technology and Financial Centre in October 2021.

Regulation In Focus

Regulation is the center stage for the crypto industry across multiple jurisdictions. Senator Bragg argued that the Australian government’s inability to ensure regulatory clarity surrounding the industry makes it vulnerable to industry-wide events, for instance,

US Prosecutors Crack Down on Crypto Fraud: 40 Years for OneCoin’s Head of Compliance

• US Prosecutors are cracking down on fraudulent crypto schemes and charged Irina Dilkinska, the former head of legal and compliance at OneCoin, with one count of conspiracy in committing money laundering and one count of wire fraud.
• The maximum sentence for each count is 20 years imprisonment due to her involvement in laundering more than $400 million of proceeds from the fraudulent crypto scheme.
• Ruja Ignatova and Karl Sebastian Greenwood founded OneCoin in 2014 as a project that was later discovered to be a fraudulent pyramid scheme.

Tightening Crypto Regulations in the US

Cryptocurrency regulation is becoming increasingly stringent in the United States following several cases of fraud and crashes of crypto-related firms. In an effort to prevent similar occurrences, US prosecutors are on the scene to handle cases related to unlawful activities involving cryptocurrencies.

OneCoin’s Head Of Compliance Facing 40 Year Imprisonment

The United States Department of Justice (DoJ) has recently charged Irina Dilkinska, the former head of legal and compliance at OneCoin, on March 21 with one count of conspiracy in committing money laundering and one count of wire fraud. Each charge carries a maximum 20 year prison sentence due to her involvement with laundering over $400 million worth of proceeds from the fraudulent OneCoin crypto scheme.

Founders Of OneCoin Scheme On The Run

Ruja Ignatova and Karl Sebastian Greenwood founded OneCoin back in 2014 as a project that claimed to offer a cryptocurrency token but was later discovered by authorities to be nothing more than a fraudulent pyramid scheme. To avoid prosecution, both founders have gone into hiding while Dilkinska had fled Bulgaria before being deported back on March 20th after attempting to destroy incriminating evidence related to her involvement with Onecoin’s illegal activities.

US Prosecutors Crack Down On Crypto Frauds

With stiffer regulations been put into place by authorities regarding cryptocurrencies, it is clear that any form of criminal activity involving digital assets will not go unpunished. With this recent case against Irina Dilkinska being an example, US prosecutors are taking all necessary steps required in order prevent further scams from occurring within its borders or abroad via its citizens involved with such illicit activities.

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UK FCA Cracks Down on Crypto ATMs: Illegal Activity Risk High

• The UK Financial Conduct Authority (FCA) is taking legal action against unregulated crypto ATMs in the city of London.
• The FCA believes these unregistered crypto ATMs are “high risk” and could be used for illicit activities such as money laundering.
• The FCA is working with the National Economic Crime Centre and the Metropolitan Police to inspect sites suspected of hosting illegal crypto ATMs.

UK Financial Watchdog Takes Legal Action Against Unregulated Crypto ATMs

The UK Financial Conduct Authority (FCA) has taken legal action against unregulated crypto ATMs in the city of London. According to Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, “Crypto ATMs operating without FCA registration is illegal” and “we [FCA] will take action to stop this.”

High Risk Of Illicit Activities

The FCA believes unregistered crypto ATMs are “high risk” and could be used for illicit activities such as money laundering. Last month, the regulatory body issued warnings to unregistered crypto ATM providers in the UK region, ordering them to cease all operations immediately. In addition, it is also in a “joint operation with the Metropolitan Police” to inspect several sites, using its “enforcement powers.”

Coordination With Law Enforcement Partners

The FCA noted it will only continue to use its “powers to inspect several sites in East London suspected of hosting illegally operating crypto ATMs”. It is also working with the National Economic Crime Centre to plan and coordinate action with law enforcement partners against operators of illegal crypto ATMs.

Growing Adoption Of Crypto Assets

As the cryptocurrency industry continues to gain more traction over the past years, regulators have continued clamping down on different sectors within this space. This includes regulating firms offering services related to digital assets including exchanges and custodial wallets as well as other developing technologies such as crypto ATMs.


It’s important for regulators like the FCA take steps towards ensuring that all digital asset services providers adhere strictly by existing laws so that users can trust their investments are safe from any form of fraud or manipulation.

MetaMask Launches SDK for Unity, Benefits Shiba Inu Ecosystem

• Exodus Wallet hints at potential integration with Shibarium, Shiba Inu’s layer 2 network.
• MetaMask launches SDK in Unity Asset Store, which could benefit Shiba Inu ecosystem.
• Both wallet providers have caused a stir within the SHIB army ahead of beta launch of Shibarium.

Exodus Wallet Checks Shibarium Integration

One of the oldest non-custodial crypto wallets, Exodus, has announced via Twitter that it has “logged” Shiba Inu’s upcoming layer 2 network with its asset team. A SHIB community member requested the wallet provider via Twitter to integrate Shibarium, and in response, the Exodus team did not explicitly confirm its willingness to support the network but noted that the request had been forwarded to the relevant department and suggested an alternative way for SHIB army to add Shibarium’s ERC20-based tokens to their Exodus wallets themselves.

MetaMask Launches SDK

Shiba Inu Lead Dev, Shytoshi Kusama drew attention to the launch of the MetaMask SDK, which was launched in the Unity Asset Store. The SDK will allow developers to use MetaMask as a bridge between traditional web apps and blockchain technology, allowing users to interact with decentralized applications more easily.

Growing List Of Platforms Supporting Shibarium

Should Exodus declare support for Shibarium, it would join Atomic Wallet and Ledger as platforms who have already announced their support for Shiba Inu’s layer 2 network.

Benefits Of Integration With Existing Wallets

Allowing users to access their funds through mainstream wallets like Exodus or MetaMask is likely to further increase adoption of SHIB tokens by providing a familiar user experience while being able to take advantage of all benefits offered by blockchain technology such as security and transparency.

What Does The Future Hold?

Only time will tell what kind of delightful surprises are waiting for SHIB army members in terms of wallet integrations or other new features related to Shiba Inu’s layer 2 network but one thing is certain – there is plenty of excitement ahead!