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Australia’s financial regulator proposes new crypto rules, highlights risks and mitigations
Editor
2024-12-05 12:32 9,990
Golden Finance reports that the Australian Securities and Investments Commission (ASIC) has issued a consultation document recommending updating its regulatory guidance on digital assets, focusing on compliance requirements under the Corporations Act. Revisions to Information Form 225 (INFO 225) include 13 worked examples aimed at clarifying when digital assets qualify as financial products, such as stablecoins, wrapped tokens and staking services. Among these examples, ASIC outlined scenarios involving exchange tokens, interest-bearing stablecoins and tokenized assets such as concert tickets. The draft guidance suggests that classification depends on the “rights, benefits, expectations and product features inherent in and provided with the token.” ASIC encourages cryptocurrency companies to apply for Australian financial services licenses, providing them with a grace period from legal action.
Keywords: Bitcoin
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