Australia finance regulators introduced new ICO and crypto-asset legislation

1 Jun 2019

Australia’s security regulation authorities Australian Securities and Investments Commission (ASIC) issued the guidelines for the ICO and crypto-assets. By their words regulation is following the incentive from the Australian Consumer Law and it is talking the emergence of crypto-asset category. Decided by the new regulation cryptocurrency exchanges will have to obtain the Australian market license, while payment and service providers will need to comply with the set of rules needed for the ‘non-cash payment facility’.

Regulation further defines the role of specific actors in crypto-asset industry, namely: Crypto-asset issuers (ICO's), Crypto-asset intermediaries, Crypto-asset payment and merchant service providers, Wallet providers and custody service providers and consumers. You can access the document here.

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The digital currencies story is a continuation of the long-running saga of economics, markets, and commodity exchange in human society. With the constant rise of the global network, we have witnessed many global services becoming widely accepted and in a way changing (by adding to) our experience of mutual interaction.

 

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