ASIC drafting new rules for 'unregulated' crypto industry
Make us a preferred source
Make us a preferred source on Google
The news: Chair Joe Longo says the Australian Securities and Investments Commission (ASIC) will publish draft cryptocurrency regulation by the end of the year following a string of recent court cases.
The context: Speaking at Senate Estimates, Longo confirmed ASIC had been consulting with senior lawyers and financial services minister Stephen Jones to provide new guidance on what remains a "largely unregulated" industry.
He added that market participants would then be given adequate time to respond to the draft proposals before anything was implemented. It follows a string of recent court decisions on crypto-related products and signalling from ASIC that all crypto businesses may soon require an Australian Financial Services Licence (AFSL) to operate.
What they said: "I think it’s fair to say broadly speaking that the current regime doesn’t cover all of the manifestations of this activity," Longo said.
“We published an information sheet some time ago. There have been some developments in the market … and case law. We’re getting a lot of feedback from the market, they would like more certainty about when they need a licence and when they don’t."
The source: Senate Estimates Hearing
