The Australian Securities and Investments Fee (ASIC) is inviting public suggestions on proposed modifications to its crypto regulation framework, as outlined in a Dec. 4 announcement.
In response to the assertion:
“ASIC’s place continues to be that many digital property are monetary merchandise underneath the present regulation. [This feedback request] is aligned to and supportive of the Authorities’s broader work in relation to the proposed fee providers reform and digital asset facility reforms.”
So, ASIC’s proposed updates purpose to make clear the classification of digital property underneath present regulation, offering sensible examples of property that qualify as monetary merchandise. These examples embrace trade tokens, NFTs, memecoins, and tokenized property.
The regulator can also be exploring whether or not so as to add stablecoins and wrapped tokens to the record of labeled monetary merchandise. ASIC stated it seeks enter on the problems arising from the potential transition to the federal government’s proposed digital asset platform and fee stablecoins regimes.
As well as, ASIC is reviewing the Australian Monetary Providers (AFS) licensing system and contemplating new necessities for digital asset companies. This might embrace the necessity for a number of licenses. The regulator additionally contemplates a “no motion” stance for companies already making use of for an AFS license.
Suggestions is due by 5 P.M. on Feb. 28, 2025. ASIC plans to launch the ultimate model of the up to date framework in mid-2025.
ASIC Commissioner Alan Kirkland emphasised the fee’s purpose of fostering monetary innovation whereas prioritizing client safety. He famous {that a} well-regulated monetary system would improve client confidence, market integrity, and wholesome competitors.
Kirkland commented:
“Australia’s monetary providers regulatory regime is broad and expertise impartial. Many digital property and associated merchandise are monetary merchandise underneath the present regulation. Stakeholders have been calling for larger readability and in response, we’re releasing our draft up to date steerage.”
This request follows the current replace to Data Sheet 225 (INFO 225), which supplies new steerage for these providing digital asset services and products. The replace additionally clarifies ASIC’s stance on classifying digital property as monetary merchandise and descriptions the standards wanted to acquire an ASIC license for monetary providers.
