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 Some experts express concern that ASIC’s draft guidance may leave crypto ventures vulnerable, potentially driving firms out of Australia.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

Crying Kamala Memecoin Poised for Massive Growth

Crying Kamala, a Solana memecoin, may surge 17,000% due to expected crypto exchange listings.

user avatarA1

6 minutes ago

Cryptocurrency Market Under Pressure: Bitcoin Loses Ground

The cryptocurrency market is showing a decline. Bitcoin trades below $100,000, but interest remains high.

user avatarA1

8 minutes ago

Ripple CEO Highlights CBS's Crypto Reporting Shortcomings

Brad Garlinghouse challenges CBS's 60 Minutes for distorting the cryptocurrency industry.

user avatarA1

8 minutes ago

Ripple: Garlinghouse Responds to Media Inquiries

Ripple CEO Brad Garlinghouse comments on the 60 Minutes interview and community discussions.

user avatarA1

9 minutes ago

Elon Musk Slams Outdated Technology in US Government

Elon Musk questions the state of US government's computer systems.

user avatarA1

9 minutes ago

Garlinghouse: Media, SEC and the Future of the Crypto Market

Ripple's Brad Garlinghouse responds to comments about Ripple and SEC, discussing the impact on the crypto industry.

user avatarA1

10 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.