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12:37, 07 September 2018

Australian Watchdog Will Monitor Crypto Exchanges, ICOs Beneath Market place Guidelines

Australian Watchdog Will Monitor Crypto Exchanges, ICOs Below Market Guidelines

Australia cryptocurrency tax

Australia&rsquos principal securities regulator is focusing efforts to maintain a close eye on the cryptocurrency sector, including ICOs, as element its corporate action strategy for 2018-19.

Getting stressed in April that it would preserve an &ldquoopen thoughts&rdquo to cryptocurrencies and initial coin offerings (ICOs) domestically, the Australian Securities and Investments Commission (ASIC) pinned dangerous threats from the sector as &nbspits initial &ldquofocus region&rdquo to be monitored in its corporate plan for 2018-2022, released [PDF] on Friday.

Especially, 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 &ldquoapplying the principles for regulating market place infrastructure providers to crypto exchanges.&rdquo This would, in essence, bring the crypto exchange sector below the identical scrutiny of classic stock exchanges and financial market operators.

The regulator added:

&#8220We will continue to focus on monitoring threats of harm from emerging items (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 via digital and/or cyber-primarily based mechanisms.&#8221

Earlier in Could, the ASIC revealed its scrutiny into ICO issuers with a public notice to reveal it had spotted &ldquomisleading or deceptive&rdquo marketing and advertising statements. &ldquo&ldquoAs a result of our inquiries, some issuers have halted their ICO or have indicated the ICO structure will be modified,&rdquo the ASIC said at the time.

Domestic cryptocurrency exchanges are currently regulated below the purview of the Australian Transactions and Reporting Evaluation Center (AUSTRAC), the country&rsquos economic intelligence agency and watchdog.

Exchange operators are essential to enroll in the authority&rsquos &lsquoDigital Currency Exchange Register&rsquo whilst complying with mandatory anti-cash laundering and counter-terrorism financing (AML/CTF) obligations alongside know your client (KYC) requirements.

Prior to the regulation &ndash legislated into impact in April this year &ndash Australia&rsquos Senate enacted guidelines that permitted AUSTRAC to monitor domestic crypto exchanges in December 2017.

Featured image from Shutterstock.

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Published at Fri, 07 Sep 2018 10:46:41 +0000

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