• 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

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 Some experts express concern that ASIC’s draft guidance may leave crypto ventures vulnerable, potentially driving firms out of Australia.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

Mt. Gox Moves $2.47 Billion BTC: Reasons Remain Unclear

Mt. Gox transferred $2.47 billion in Bitcoin to an unknown address. The reasons for the move remain unknown.

user avatar

a few seconds ago

Ethereum: Growth Factors and $4,000 Outlook

Key growth drivers for Ethereum and the impact of decentralized finance on the market.

user avatar

a minute ago

Bitcoin Holds Strong at $103,850 Backed by Global Support

Bitcoin hits a record $103,850 driven by regulatory changes and institutional interest.

user avatar

2 minutes ago

Expansion of Cryptocurrency in Asia-Pacific

Cryptocurrencies are booming in APAC, with 22% adoption, surpassing the global average of 7.8%.

user avatar

3 minutes ago

PropiChain and Its Revolution in Asset Tokenization

PropiChain attracts attention from Cardano and Dogecoin investors with its asset tokenization solutions.

user avatar

4 minutes ago

Bitcoin Exceeds $100,000: Changpeng Zhao Shares BTC Sale Price

Bitcoin has surpassed $100,000 for the first time, with Changpeng Zhao sharing his thoughts on this milestone.

user avatar

32 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.