The financial regulator of Australia within a year will develop new rules for crypto-exchange


The Australian Securities and Investments Commission (ASIC) in 2018-2019 intends to develop a new regulatory framework for regulating the activities of crypto-exchange exchanges, applying “principles for regulating market infrastructure suppliers” and preventing activities that pose a threat to investors and users in the sphere ICO and Crypto-currency. At the same time, as a whole, attention to crypto-exchange exchanges will become a priority for ASIC in the next few years. Such a point is included in the officially published plans of the financial controller for the period until 2022.

The document also says that ASIC will first of all assume responsibility for monitoring threats and new products in this area and will continue to license and supervise both participants of the financial market, settlement institutions and the field of derivatives trading.

Recall that the Australian Information and Analysis Center for Financial Operations (AUSTRAC) since last year had the opportunity to oversee the activities of crypto-exchange exchanges. In the spring of this year, crypto-instruments have been required to register there and to comply with the new AML / CTF requirements.

However, the Australian Commission on Competition and Consumer Protection (ACC) reported that fraud with crypto-currencies over the past year has become the second most popular investment scam-scheme in the country and brings users a loss of about 4.3 million Australian dollars a month.

SOURCE The Australian Securities and Investments Commission


This is what we all need, some regulations. It will help in avoiding many scams and people will be able to trade/invest with some confidence knowing that there are some rules which will save them from scams. If all countries decides to do this, it will instill a feeling of trust towards crypto industry in the minds of people around the globe.