New York, Nigeria, Australia Tighten Crypto Regulations Amid Global Compliance Drive

New York's Department of Financial Services (DFS) has introduced updated rules to protect crypto customers in insolvency situations, emphasizing clear sub-custody agreements and ensuring customers retain beneficial interest in their digital assets. Nigeria is tightening crypto regulations through the 2025 Nigeria Tax Administration Act, imposing significant fines and licensing risks on Virtual Asset Service Providers (VASPs) to enforce compliance in trading, mining, staking, and payments. Australia is advancing its regulatory framework with ASIC granting class relief to intermediaries distributing stablecoins, aiming to foster innovation and consumer access, while also consulting on new legislation to regulate crypto trading platforms and custodians. Additionally, draft Australian laws require digital asset sellers to hold an Australian Financial Services Licence (AFSL), imposing strict obligations and penalties to protect investors and distinguish reputable businesses. Collectively, these developments reflect a global trend toward increased regulatory oversight of the cryptocurrency sector to safeguard consumers and ensure market integrity.