Australian Watchdog Will Monitor Crypto Exchanges, ICOs Under Market Rules

[SuperBazooka]

Australian Watchdog Will Monitor Crypto Exchanges, ICOs Under Market Rules
Australia’s primary securities regulator is focusing efforts to keep a close eye on the cryptocurrency sector, including ICOs, as part its corporate action plan for 2018-19.

Having stressed in April that it would keep an “open mind” to cryptocurrencies and initial coin offerings (ICOs) domestically, the Australian Securities and Investments Commission (ASIC) pinned harmful threats from the sector as  its first “focus area” to be monitored in its corporate plan for 2018-2022, released [PDF] on Friday.

Specifically, the ASIC is launching a new project focused on the usage and prevalence of cryptocurrencies across industries. For crypto exchanges, the regulator said it would devise a policy for “applying the principles for regulating market infrastructure providers to crypto exchanges.” This would, in essence, bring the crypto exchange sector under the same scrutiny of traditional stock exchanges and financial market operators.

The regulator added:

“We will continue to focus on monitoring threats of harm from emerging products (e.g. ICOs and crypto currencies), cyber resilience, the adequate management of technological solutions by firms and markets, and misconduct that is facilitated by or through digital and/or cyber-based mechanisms.”

Earlier in May, the ASIC revealed its scrutiny into ICO issuers with a public notice to reveal it had spotted “misleading or deceptive” marketing statements. ““As a result of our inquiries, some issuers have halted their ICO or have indicated the ICO structure will be modified,” the ASIC said at the time.

Domestic cryptocurrency exchanges are already regulated under the purview of the Australian Transactions and Reporting Analysis Center (AUSTRAC), the country’s financial intelligence agency and watchdog.

Exchange operators are required to enroll in the authority’s ‘Digital Currency Exchange Register’ while complying with mandatory anti-money laundering and counter-terrorism financing (AML/CTF) obligations alongside know your customer (KYC) requirements.
https://www.ccn.com/australian-watchdog-will-monitor-crypto-exchanges-icos-under-market-rules/

[FrozenPhantom]

Australia try to set law for crypto currency. They set different types of method to monitor crypto currency. They want that crypto and general currency cal play parallel way.

[btcscal]

They try top watch the overall policy. They set a policy for crypto currency, as far I know their policy is pretty good. They just want that their regular currency and crypto can play in a parallel way.

[cryptodalton]

This is really nice news and such initiatives by the Australian government proves that they are interested in this market and so they have taken initiative which will increase the security and the investors will be more tension free. Such initiative is needed by all.

[SoliDCoiNs777]

Australia attempt to set law for cryptocurriency. They set diverse sorts of strategy to screen digital currency. They need that crypto and general cash cal play parallel way.

[Crypdon]

Ironic that they are called ASIC! Anyway, lets hope that these people will provide enough regulation to remove the scams but not so stringent that good projects can't continue. This cold be a good thing that brings crypto to retailers and the masses

[PoliteHyena]

Australia trying do something with crypto and they wants crypto as common currency and they are trying some method with crypto for maintain it. Let's what's waiting for crypto in australia in future.

[dzkazmi]

I think its pretty good for crypto, it will have a positive impact on the whole crypto world.

[bitcoinhunter888]

Crypto regulation in australia is friendly with the user and crypto exchangee used to invest on it a huge amount on bitcoin. There a bright future will have australia with crypto.

[cryptocrabs2]

I am not sure, it would be that Australia Govt want to apply some rules on crypt exchange.They may expose different rules in different methods. Probably they are wanting, crypto in parallel with Fiat currency.

[Vipersia]

Cryptocurrency is a free marketplace. Every one known a node and ID in anonymous. I really don't like this system in this terms. Australian Govt trying to set some rules on Crypto market for Australia. It is nothing bad.I appreciate.

[cryptoshops9944]

I also believe that bitcoin as well as other coin need a law so that no fraudality happen anymore. Australian Govt exactly doing that for their countries better. I really appreciate it.

[shield132]

This is really nice news and such initiatives by the Australian government proves that they are interested in this market and so they have taken initiative which will increase the security and the investors will be more tension free. Such initiative is needed by all.

Not a nice, in reality all they want is to track crypto payments and gain as much control as possible. Some people may like it, some may not, especially those ones who want to protect their privacy.
Also some people here say that crypto needs laws, you have fiat for that, crypto was creates to be witout laws and regulations.

[Hairynipples]

This is really nice news and such initiatives by the Australian government proves that they are interested in this market and so they have taken initiative which will increase the security and the investors will be more tension free. Such initiative is needed by all.

Not a nice, in reality all they want is to track crypto payments and gain as much control as possible. Some people may like it, some may not, especially those ones who want to protect their privacy.
Also some people here say that crypto needs laws, you have fiat for that, crypto was creates to be witout laws and regulations.

They're probably also monitoring crypto so that the ATO (Australian tax office) can get a chunk of everyones profits.

The current ATO rules regarding BTC and other crypto investments/trading are more than a little confusing and I have my doubts that many Australians declare their holdings anyway

[Plumbank]

Ethereum is most significent crypto which belongs altcoin and I hear somewhere it's called as a king of altcon. Ethereum use blockchain technology for their transaction and recenly the trying to add some usefull dAPPs with it.

[worldofcoins]

I think having regulations from countries like Australia is both good and bad news. Bad in the sense that many people would feel uncomfortable about the idea since its against the crypto aim but good because if it can show that there can be some sort of harmony then other countries may become more laxed about crypto generally.

[nelson4lov]

Australia has join the ever-growing list of countries that regulates cryptocurrency usage. The rate at which regulations are coming to the crypto space is becoming alarming. With each passing day comes new regulatory measures. The new Australian regulations would make it harder for crypto to get mass adoption. People will simply stay off if it's so tiring. Not forgetting the fact that evading regulations and privacy breaches was part of the reason most people got involved in blockchain. Wouldn't make much sense. The regulations is becoming too much.

[Denreal]

Crypto should be decentralized, but i think the Australian government is working towards centralization. Well, it is a good gesture, because it will help to regulate a lot of things.