• 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 A1

5 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 Some experts express concern that ASIC’s draft guidance may leave crypto ventures vulnerable, potentially driving firms out of Australia.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

How Crying Kamala may alter the memecoin market

Crying Kamala, a new Solana memecoin, is expected to rise 17,000% due to upcoming major crypto exchange listings.

user avatarA1

3 minutes ago

XRP's Price Swings Trigger Interest in Rival PropiChain

XRP prices show volatility near $3, attracting attention to PropiChain and its features.

user avatarA1

3 minutes ago

Former XRP Critic Believes It Now Has The Strongest Chart in Crypto

XRP shows strong growth as its chart is recognized as the most powerful among cryptocurrencies.

user avatarA1

3 minutes ago

Top Meme Coins: BTFD Coin, Turbo, and Fartcoin Making Waves

BTFD Coin, Turbo, and Fartcoin are attracting attention with their unique features and innovative potential.

user avatarA1

30 minutes ago

Bitcoin as ‘Digital Gold’: Recognition by U.S. Treasury

The U.S. Treasury recognizes Bitcoin as ‘digital gold’, highlighting its role as a store of value.

user avatarA1

31 minutes ago

RCO Finance and Its Impact on Crypto Trading

RCO Finance introduces innovative solutions for crypto traders. A new robo advisor platform with AI features and global access.

user avatarA1

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.