8 months ago

An Australian Securities and Investments Commission (ASIC) will tighten the approach to the regulation of crypto-exchanges and Initial Coin Offering (ICO).

The regulator presented an organizational plan for 2018-2022, which emphasized “monitoring threats emerging from new products”, such as ICO and cryptocurrencies.

For 2018-2019, the development of a new regulatory and legal framework is planned, which will focus on the regulation of crypto-exchanges and the “prevention of illegal actions”, capable of harming the interests of investors. Also, the Commission will license and monitor participants in the financial market, settlement institutions and the sphere of trade in derivatives.

Currently, local cryptocurrency companies are required to identify their customers and take other anti-money laundering measures, established by the Australian Transaction Analysis Center.

The other day the local IT company Byte Power Group launched an ICO campaign targeting investors from Australia and Singapore. The project intends to raise funds in the amount of $15 million.