ASIC Has Published A Cryptocurrency Guide

ASIC, the Australian financial markets regulator, has published a cryptocurrency guide. Here are the details..

The Australian financial markets regulator, ASIC, has issued new guidelines for the launch of ETPs and other investment products that could result in the listing of cryptocurrency instruments on exchanges operating in the country in the coming months. The regulator has included a new category of “cryptocurrency assets” in its licensing application that will give legitimacy to cryptocurrency service providers. The guidelines now presented are not considered a new development, as the Australian Securities and Investments Commission (ASIC) has been advising on the same issue since June. The increasing interest among Australian market participants has also revealed the need for such regulation. ASIC director, Cathie Armor, made the following statements regarding the issue: “Cryptocurrency assets have unique characteristics and risks that must be considered by product issuers and market operators when meeting their current regulatory obligations.” It is stated that the new guidelines primarily include instructions on acceptance and monitoring standards, surveillance of crypto assets, pricing methodologies and risk management. It is also stated that all these requirements are necessary for the market to progress within a certain order.