Australia’s leading financial regulator said it will take a new approach when working with cryptocurrency exchanges, and will also tighten requirements for ICOs. About writes this CoinDesk.
Australian cryptocurrency exchanges will be regulated according to the general principles of financial markets
In the corporate plan 2018-2022, released this Friday, the Australian Securities and Investment Commission has highlighted a number of areas it intends to focus on during the specified period. Top priorities included continuing to “watch for threats from emerging products” such as ICOs and cryptocurrencies..
In 2018 and 2019. the agency intends to develop a new legal framework that will apply the “principles of regulation of market infrastructure providers to cryptocurrency exchanges” and intervene when “inappropriate behavior and potential damage that may be caused to consumers and investors “.
According to the information on the regulator’s website, its current principles of market regulation include licensing, which supervises financial market operators, settlement institutions, derivatives trading and market participants..
IN present time local cryptocurrency exchanges are required to follow customer identification and countermeasures requirements money laundering, filed by the Australian Center for the Accounting and Analysis of Financial Transactions (AUSTRAC), which also deals with financial investigations.
Australian Commission on securities and investments, in turn, did not impose mandatory requirements on cryptocurrency exchanges, but in Last year published a guide for companies wishing to enter the ICO.
Earlier one of the public firms in Australia was interested in the possibility of raising funds with help distribution of their own tokens among local investors. Byte Power Group already sells tokens to investors in Australia and Singapore and expects in this way collect $ 15 million.
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