The Australian Securities and Investments Fee (ASIC) is inviting public suggestions on proposed adjustments to its crypto regulation framework, as outlined in a Dec. 4 announcement.
In keeping with the assertion:
“ASIC’s place continues to be that many digital belongings are monetary merchandise beneath the present regulation. [This feedback request] is aligned to and supportive of the Authorities’s broader work in relation to the proposed cost companies reform and digital asset facility reforms.”
So, ASIC’s proposed updates purpose to make clear the classification of digital belongings beneath present regulation, offering sensible examples of belongings that qualify as monetary merchandise. These examples embrace change tokens, NFTs, memecoins, and tokenized belongings.
The regulator can be exploring whether or not so as to add stablecoins and wrapped tokens to the checklist of categorised 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 cost stablecoins regimes.
As well as, ASIC is reviewing the Australian Monetary Companies (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 aim 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 companies regulatory regime is broad and expertise impartial. Many digital belongings and associated merchandise are monetary merchandise beneath the present regulation. Stakeholders have been calling for better readability and in response, we’re releasing our draft up to date steering.”
This request follows the current replace to Data Sheet 225 (INFO 225), which supplies new steering for these providing digital asset services. The replace additionally clarifies ASIC’s stance on classifying digital belongings as monetary merchandise and descriptions the factors wanted to acquire an ASIC license for monetary companies.
