Swyftx, a cryptocurrency exchange in Australia, has announced that it will be ending its crypto-interest product, known as the Earn program, due to the uncertain regulatory environment for crypto assets in the country.
The exchange stated that it may reintroduce the Earn program if the regulatory restrictions are eased.
The Australian Securities and Investments Commission (ASIC) has been closely monitoring local crypto product providers and has taken legal action against several firms for allegedly selling products without proper authorization.
The Australian government has also been working on plans to regulate the cryptocurrency industry and is expected to release a consultation document in early 2023.
