ASIC set to ramp up crypto scrutiny as industry fears licensing regime
The corporate regulator is drafting new guidance for cryptocurrencies, ramping up enforcement and engaging with the industry ahead of upcoming legislation.
The Australian Securities and Investments Commission will ramp up its scrutiny of the crypto industry with new guidance on cryptocurrencies, expanding on its enhanced enforcement program.
The action may broaden the requirement for crypto exchanges to obtain licences such as the ASIC-issued Australian Financial Services Licence or an Australian Prudential Regulation Authority licence for purchased payment facilities. It would front-run the delayed digital asset platform regulation Treasury is shepherding.
ASIC’s guidance will be in the form of an expanded information sheet known as INFO 225 which lays out obligations for businesses involved with crypto-assets such as cryptocurrency, tokens or stablecoins or are considering raising funds through an initial coin offering.
An ASIC spokesman said the commission was unable to provide detail at this time but industry participants are expecting more detail later this week.
