Australia is preparing to enforce an extensive licensing system for cryptocurrency exchanges in a notable development concerning major alternative cryptocurrencies. As leading decentralised finance (DeFi) projects such as XRP and VC Spectra anticipate this regulatory change, questions arise about its potential impact on their holdings.
Australia’s Plan for Crypto Exchange Regulation
Australia is on the brink of a transformative shift, with plans to introduce draft legislation encompassing licensing and custody regulations for cryptocurrency providers by 2024.
In a recent announcement, Australia’s Treasury revealed a timeline outlining a 12-month transition period for exchanges to adapt to this new regulatory framework once the legislation becomes law.
This timeline suggests it might be as late as 2025 before Australian digital asset platforms can obtain the necessary licences under the proposed regime. Nevertheless, this development signifies a significant step taken by the Australian government to establish a comprehensive and well-defined cryptocurrency regulation policy.
XRP Joins the HKVAC as the Fifth Member
In a noteworthy development, XRP has surged ahead and secured its position as the fifth member of the esteemed Hong Kong Virtual Asset Consortium (HKVAC) global extensive equal weight index, unveiled on October 13. This index is meticulously designed to encompass a broad spectrum of investable digital assets.
Including XRP in the HKVAC index underscores the importance of regulatory clarity and performance as determining factors. Ripple’s partial victory over the U.S. SEC undoubtedly played a role in this achievement. Additionally, XRP’s impressive Year-To-Date (YTD) growth of 41.50% has caught the attention of the cryptocurrency community. Moreover, Australia’s regulation of cryptocurrencies and their recognition has had a tangible impact on the XRP price, driving it up by 4.48% from $0.4817 on October 13 to $0.5033 on October 16.
Experts attribute this upward momentum to the growing recognition that the XRP price is receiving from the HKVAC. They also predict that if the current positive trend in the XRP price persists and buyer support strengthens, the altcoin could surpass $0.6500 in November.
VC Spectra Advances to Stage 4 of the Presale with a Surge
With its innovative approach to blockchain investments and asset management, VC Spectra is making waves in the cryptocurrency world and setting new standards for achievements in the crypto space.
VC Spectra (SPCT) is a utility token that provides users access to promising blockchain projects, decentralised trading, and reduced transaction fees on the VC Spectra platform. Operating on the Bitcoin blockchain and following the BRC-20 standard, SPCT employs a deflationary mechanism to increase its value over time.
The token is currently in Stage 4 of its presale, experiencing remarkable growth in its token’s value at each stage. Starting from its initial price of $0.008 in Stage 1, SPCT has surged by an impressive 587.5%, reaching $0.055 in Stage 4. Even more exciting is that VC Spectra will likely surpass its initially projected price of $0.080 by the end of the presale. Given its consistent upward trajectory and impressive performance, SPCT has the potential to outperform this projection, providing substantial returns to its investors. This positions VC Spectra as a top cryptocurrency investment for those seeking to participate in a venture with significant growth potential.