New Rules In Crypto And ICO In Australia
The Australian Securities and Investments Commission (ASIC) has recently released a publication that reveals how it plans to regulate crypto-related businesses and initial coin offering (ICO)s.
The published guidelines outlines the requirements needed to run a cryptocurrency business that will be compliant with the ASIC Act.
The new guidelines seem to be a reaction to the prevalent cryptocurrency online scam with over $4.3 million in 2018 lost by Australians participating in crypto related activities.
According to the new law ICO will be categorized as financial products and will be required by law to get an Australian Financial Services (AFS) License.
Exchanges will also need to conform with the new guidelines by applying for an Australian market license.
It was also revealed by John Price, ASIC commissioner, Australian laws will also apply even if te ICO or crypto-asset is promote or sold to Australian from offshore.
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