• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

ASIC's Updated Digital Asset Guidelines: What's Changing?

user avatar

by

3 days ago


The Australian Securities and Investments Commission (ASIC) has published a new consultation paper updating its digital asset guidelines, aiming to provide greater clarity on financial product definitions.

Introduction of Crypto Regulatory Updates

ASIC released Consultation Paper 381 (CP 381), summarizing updates related to Information Sheet 225 (INFO 225). These updates aim to clarify whether traditional market rules also apply to crypto assets.

We want to ensure consumer protection while promoting the growth of responsible financial innovation. A well-regulated financial system benefits the community by supporting consumer confidence, market integrity, and facilitating competition and innovation.ASIC Commissioner Alan Kirkland

Crypto Industry's Reaction to Changes

Crypto industry experts noted that the new regulatory rules will make compliance mandatory, prompting market players to closely examine these updates. Some experts express concern that ASIC’s draft guidance may leave crypto ventures vulnerable, potentially driving firms out of Australia.

The updated guidance could make starting a crypto business in Australia as costly as, or even more than, starting one overseas.Crypto attorney Joni Pirovich

Changes in Digital Asset Regulations

Australia’s digital asset market is evolving due to global developments and the emergence of crypto ETFs. Asset manager Monochrome launched an Ethereum ETF in response to rising local demand. Additionally, Circle expanded its USDC stablecoin operations to Australia, collaborating with venture capitalist Mark Carnegie’s MHC Digital Group. ASIC will gather feedback on these updates until February 28, 2025, and will publish the final version of INFO 225 in mid-2025 based on the responses received.

ASIC’s updates to the digital asset guidelines aim to facilitate the integration of financial products into the crypto market, although they face criticism from some smaller market players. While the clarification of regulations is positive for the market, rising compliance costs may lead some firms to relocate overseas.

0

Share

Other news

Risks of MicroStrategy's Bitcoin Accumulation Strategy Under Saylor's Leadership

MicroStrategy's Bitcoin accumulation strategy is under scrutiny by experts despite significant unrealized gains.

user avatar

a few seconds ago

Trump Rescues USA: A New Memecoin on Solana

Trump Rescues USA, a new Solana memecoin, could yield returns similar to SHIB and DOGE.

user avatar

a few seconds ago

France Faces Political Instability, Posing a Threat to the Global Economy

The resignation of France's Prime Minister has sparked a political crisis affecting the global economy.

user avatar

a few seconds ago

Crypto Market Review: Bitcoin Growth, Solana on Path to $500, and BNB Reaches Record Highs

Cryptocurrency market is soaring: Bitcoin surpassed $103K, Solana aims for $500, and BNB hits new records.

user avatar

26 minutes ago

Donald’s Bitcoin: Exploring New Solana Memecoin Opportunities

Donald’s Bitcoin (DONBTC) could emulate SHIB and DOGE's success, capturing crypto market investors' attention.

user avatar

an hour ago

Roger Ver Spotlight on Polymarket and Kalshi: Pardon Possibility

Roger Ver becomes a trending topic on Polymarket and Kalshi as a potential pardon candidate by Donald Trump, drawing attention to his legal battle.

user avatar

an hour ago

dapp expert logo
© 2020-2024. DappExpert. All rights reserved.
© 2020-2024. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.