• 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

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 Some experts express concern that ASIC’s draft guidance may leave crypto ventures vulnerable, potentially driving firms out of Australia.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

Hailey Welch's Memecoin: Investigation and Aftermath

An analysis of Hailey Welch's Hawk Tuah memecoin situation and community reactions.

user avatar

9 minutes ago

Redefining Charity: The Significance of Charity Investment Fund

Charity Investment Fund revolutionizes charity by merging investments and donations, creating a sustainable economy.

user avatar

9 minutes ago

Financial Risks and Crypto Oversight: Janet Yellen's Perspective

Janet Yellen calls for stricter regulation of crypto assets and stablecoins to mitigate financial vulnerabilities.

user avatar

9 minutes ago

CoinGecko Highlights 20 Trending Altcoins of the Week

CoinGecko has published a list of 20 altcoins that have generated the most user interest over the past week.

user avatar

10 minutes ago

New Tokens Promise Significant Returns

XYZVerse, POPCAT, and SPX6900 attract crypto enthusiasts, promising substantial returns and novel investment opportunities.

user avatar

10 minutes ago

Altcoins Strengthen: Ethena (ENA) Shows Significant Growth

Altcoins gain attention as Bitcoin dominance declines. ENA surged 124% in 30 days, exhibiting Ethena protocol strength.

user avatar

35 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.