A New Regulation about Crypto Exchange Will Be Implemented in Australia

A top Australian financial regulator declared that they will adopt a new strategy in regulating cryptocurrency trading and strengthen the review of the Initial Currency Offering (ICO).

On Friday, the Australian Securities and Investments Commission (ASIC) released its corporate plan for 2018–2022. The program highlighted the area they have focused on for the past few years. In the first place is the continuous monitoring of “hazard and threats of emerging products”, such as cryptocurrency and ICO alike dash ico.

Besides, in 2018 and 2019, ASIC will establish a new framework, which will then apply the provider’s principle of regulating market infrastructure to cryptocurrency exchanges and intervene potential harm to consumers and investors.

According to the data of ASIC, the market infrastructure regulations of Australia include a licensing program. By the program, ASIC regulates financial market operators, settlement facilities, derivatives transactions and market participants.

ASIC mentioned that the framework of program is the result of efforts by multiple departments. ASIC has been taking measures to regulate, such as dispatching employees in financial institutions related to emerging technology, including the cryptocurrency industry because of the promising future and development like tron coin and neo.

Currently, Australian cryptocurrency exchanges have to obey the KYC rules and meet the standard of anti-money laundering implemented by Austrac, the country’s financial intelligence agency.

However, ASIC did not issue any regulations on cryptocurrency transactions, but issued guidelines for companies hoping to engage in ICOs last year, which is timely, because there was a listed company trying to raise funds for establishing a cryptocurrency exchange through ICO at that time.

As the report of CoinDesk this week, an IT company, Byte Power Group, has begun selling its proprietary tokens to private investors in Australia and Singapore to raise $15 million US dollar in total.