The Australian Securities and Investments Commission (ASIC) will consulate the cryptocurrency market participants on crypto-focused based exchange traded products (ETPs). According to a press release, the watchdog wants to establish good practice in respect of pricing, custody, risk management, and disclosure of cryptocurrencies.
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"ASIC considers that these products have unique features and risks which need to be recognised by market operators and product issuers in performing their functions and meeting existing regulatory obligations," the regulator said.
The watchdog notes that market participants and crypto issuers should be "mindful" of meeting their existing regulatory obligations when creating such products. The move comes as governments around the globe are trying to build the regulatory framework for the cryptocurrency market as the industry attracts more private and institutional investors.
As iHodl earlier reported, NCR Corporation, an enterprise payment solutions company, teamed up with crypto investment firm NYDIG to help over 600 US banks and credit unions with buying, trading and storing cryptocurrencies.
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