Australian Government Seeks to Regulate Cryptocurrencies

Cryptocurrency regulatory agency of the Australian government Seeks Advice on Crypto-Related Assets

The Australian Securities and Investments Commission (ASIC) is on the move to ensure that crypto best practices are being put in place. A consultation that seeks to ascertain the crypto-currency to be used as a base asset for crypto regulations in the Australian market.

 Public hearings have been made to this effect by the commission which is followed by a publication on how cryptocurrency-based products can be regulated.

The commissions seek to ensure that strict adherence must be put in place to ensure that proper standard is maintained.

ASIC states we are “Aware of interest in, and demand for, domestic crypto-asset ETPs. However, we are also aware of the real risk of harm to consumers and markets if these products are not developed and operated properly”

ASIC in a publication on 30th June made known to the public to ascertain the kinds of crypto assets to fit as base assets. 

This measure is proposed to ensure a series of conditions the crypto asset must meet such as high-level institutional support, availability of service providers to support exchange-traded products (ETPs), publicizing crypto assets, a spot trading market that is reliable and a regulated future market.

Roland