• 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

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 Some experts express concern that ASIC’s draft guidance may leave crypto ventures vulnerable, potentially driving firms out of Australia.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

Record Crypto Trading in South Korea Due to Political Crisis

South Korea's crypto market reached a record-breaking $34.2 billion in 24-hour trading amid martial law declaration.

user avatar

a few seconds ago

Grayscale Introduces Solana ETF: Innovations in Crypto Investments

Grayscale forms Solana ETF, competing for SEC approval with major players.

user avatar

a minute ago

November 2024: Cryptocurrency Trading Volumes Reach Record $2.9 Trillion

In November 2024, cryptocurrency trading volumes reached $2.9 trillion, breaking records due to political events and favorable regulatory changes.

user avatar

2 minutes ago

Weekly DeFi Recap: The Most Important Highlights

Analysis of the main news and trends in the DeFi and crypto space this week.

user avatar

2 minutes ago

MicroStrategy Expands Crypto Portfolio to 402,100 Bitcoins

MicroStrategy acquires 15,400 BTC for $1.5 billion, strengthening its crypto position.

user avatar

3 minutes ago

Cyberattack on XT.com: Withdrawal Suspension

XT.com temporarily suspends withdrawals after a cyberattack resulting in the loss of $1.7 million in digital assets.

user avatar

3 minutes 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.