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 Some experts express concern that ASIC’s draft guidance may leave crypto ventures vulnerable, potentially driving firms out of Australia.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

Suiruto: How the New Meme Coin is Capturing Investors' Attention

Discover how Suiruto combines innovation and community to lead on the SUI blockchain.

user avatarA1

a few seconds ago

Riot Platforms Raises $500M for BTC Acquisition

Riot Platforms plans to raise $500M to purchase Bitcoin by offering private convertible bonds.

user avatarA1

a minute ago

SUI Investors Flock to Suiruto Presale

SUI investors participate in Suiruto ($SHIN) presale, anticipating Cetus Protocol listing at twice the presale price.

user avatarA1

a minute ago

FLOKI Launches Debit Card for Global Cryptocurrency Payments

FLOKI introduces a debit card allowing cryptocurrency spending globally where VISA or Mastercard is accepted.

user avatarA1

2 minutes ago

Is Pepe Unchained the Biggest Threat to Pepe's Growth?

Pepe Unchained aims to challenge Pepe's leadership, raising $74 million in presale and promising a revolution in meme cryptocurrencies.

user avatarA1

2 minutes ago

El Salvador and the IMF: Bitcoin Law Amendments and Economic Prospects

El Salvador signs a $1.3 billion deal with the IMF including Bitcoin law changes. Discover more about the economic decisions involved.

user avatarA1

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.