The Australian Securities and Investments Commission (ASIC) has stated in its ‘Corporate Plan’, that scrutiny of cryptocurrency exchanges and Initial Coin Offerings (ICO) will improve.
The considered supervisory organ for financial market operators, ASIC specified the trade sector is a priority through 2022.
Precisely, the organization plans to secure any “threats of harm” from the developing industry and neutralize them as part of its regulatory remit.
In the Corporate Plan, it declared; “Potential harms from technology driven by the growing digital environment and structural changes in financial services and markets,” and continued:
“We will continue to focus on monitoring threats of harm from emerging products (e.g. ICOs and cryptocurrencies), cyber resilience, the adequate management of technological solutions by firms and markets, and misconduct that is facilitated by or through digital and/or cyber-based mechanisms.”
In the meantime, ASIC is planning to watch ICOs particularly closely, in the name of assuring obedient behaviour.
“Monitoring emerging products, such as ICOs, and intervening where there is poor behaviour and potential harm to consumers and investors,” the report detailing one of its 2018-2019 “projects.”
ASIC continues the second period of focus for the next year, and will be “developing our approach for applying the principles for regulating market infrastructure providers to crypto exchanges.”
The report came the same week of Australia’s first crypto trade to raise funds via an ICO respond to various questions from fellow securities regulator the Australian Securities Exchange (ASX).
Presenting a regulatory context that has often attracted debate, Byte Power Group is preparing to begin a crypto exchange. Additionally, the company has insisted that they have received many requirements to progress with its token sale, having a secured continuing legal advice.
Author: Berna Bayindir
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