The Australian Securities and Investment Commission (ASIC) will apply a new approach to the regulation of crypto exchanges. The Office will also strengthen control over the original coin offerings.
The financial regulator plans to focus in the next few years on monitoring threats from new products, such as ICO and cryptocurrencies. Additionally, in 2018-2019, ASIC will actively work on the principles of regulating developers of the market infrastructure of crypto instruments.
It is worth noting that at present, cryptocurrency exchanges in Australia are obliged to follow the Know Your Customer (KYC) procedure and follow the rules on preventing money laundering. At the same time, the Australian Securities and Investments Commission, in turn, did not submit cryptocurrency requirements to the exchanges, but last year published a guide for companies wishing to enter the ICO.
WHY IS IT IMPORTANT?
- The Australian regulator clarifies that it will intervene in any situation that will threaten clients and investors with financial losses.
- Australia is quite friendly to the cryptocurrencies country. A whole crypto town has already appeared there. In addition, the airport in Brisbane made a lot of noise when it announced that digital money would now be accepted for payment on its territory. The new measures are most likely related not to tighten the crypto market, but to make it more open and safe for participants.