As a seasoned crypto investor with a decade of experience navigating the volatile digital asset market, I welcome Australia’s decision to tighten oversight and enhance consumer protection within the industry. My personal journey has been marked by both triumphs and setbacks, with lessons learned from each encounter.
The Australian financial watchdog has put forth plans for tighter control over the cryptocurrency sector, with a focus on strengthening “investor safety measures.
Australia is taking steps to strengthen its regulation over cryptocurrencies, highlighting the “real-world licensing challenges” associated with stablecoins and tokenized assets.
On December 4th, the Australian Securities and Investments Commission unveiled a proposal (Consultation Paper 381) detailing their intentions to bridge regulatory loopholes within the cryptocurrency sector and uphold adherence to current financial regulations.
Commissioner Alan Kirkland of the ASIC emphasizes a focus on fostering “sensible financial advancement,” ensuring “consumer safety” at the same time. He stresses that a well-governed financial environment is advantageous to all members within the community.
Under the present legislation, numerous digital assets and connected items are considered financial products. In light of this, various stakeholders have been requesting more clarity on the subject. In an attempt to provide a clearer understanding, we are making public our draft revised guidance.
Alan Kirkland
As a financial analyst, I’m tasked with providing 13 concrete scenarios that illustrate how our existing financial product definitions might be applied to digital assets like cryptocurrencies and associated products. This exercise aims to foster clarity and consistency in the regulatory landscape for these innovative financial instruments.
The consultation paper also includes suggestions on potential regulatory relief measures, and transitional approaches for businesses adapting to updated guidance, the press release reads. ASIC is also exploring a “no action” position for firms in the process of applying for or modifying licenses.
Public feedback is open until Feb. 28, 2025, with ASIC planning to finalize INFO 225 by mid-year.
Currently, Australia is contemplating changes in its cryptocurrency taxation policies. The Department of the Treasury is looking towards the Organization for Economic Cooperation and Development for advice. As previously mentioned by crypto.news, the Treasury is considering two different approaches: either implementing the OECD’s Crypto Asset Reporting Framework (CARF) as it stands or modifying it to fit domestic requirements. The goal of CARF is to enhance tax transparency by gathering data on significant cryptocurrency transactions, such as those exceeding $50,000, and subsequently sharing this information with international regulatory bodies.
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2024-12-04 10:58