ASIC has today published a consultation paper seeking feedback on proposed changes to the Crypto Asset Information Sheet. The Crypto Asset Information Sheet provides important guidance for crypto asset businesses. The existing information sheet was published in 2017, but is now largely obsolete following several years of rapid advances in the cryptocurrency industry. ASIC Commissioner Alan Kirkland said the update was aimed at providing greater regulatory clarity, but added that complete certainty was not possible.
Financial regulator Australian Securities and Investments Commission (ASIC) today released a consultation document outlining proposed updates to its virtual currency information sheet.
The Cryptocurrency Information Sheet, known as Cryptoassets (INO255), is an important document for crypto-based businesses and is one of the main sources of information on cryptocurrency regulation, ensuring compliance with cryptocurrency regulations will help you. The existing information sheet was first published in 2017 and has become outdated due to rapid advances in the cryptocurrency industry.
ASIC has also released a draft version of an updated information sheet for interested parties to provide feedback.
The consultation period begins today and runs until 28 February. The final update information sheet is expected to be published in the second quarter of 2025.
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ASIC aims to balance innovation and consumer protection
ASIC Commissioner Alan Kirkland said the regulator was considering updating its guidance for cryptocurrency businesses to provide regulatory clarity and balance the competing needs of driving innovation and protecting consumers. .
We want to foster the growth of responsible financial innovation while ensuring consumer protection. A well-regulated financial system benefits everyone in our communities because it supports consumer confidence and market integrity, and fosters competition and innovation.
Alan Kirkland, ASIC Commissioner
The proposed update features 13 practical examples of how various crypto products and services, including meme coins, real-world asset tokenization, and leveraged trading, fit into current regulatory frameworks. I am. In other words, what is meant by digital assets or their delivery methods are actually financial products regulated by corporate law.
Above: One of 13 example scenarios provided in the ASIC's draft information sheet.
In an interview with Capital Brief, Kirkland also said that despite the updated guidance, there will still be some ambiguity regarding cryptocurrency regulation given the inherent complexity of cryptocurrencies.
The key thing that people have told us is that they want more regulatory certainty, and we can never fully provide that. Regulatory certainty is never 100%.
Alan Kirkland, ASIC Commissioner
ASIC said the updated guidance generally follows guidance for non-cryptocurrency businesses, with the regulator stating that “the existing approach to financial services licensing applies to digital assets”.
The regulator further explained this using the example of securities, which seems a bit strange given the debate over whether virtual currencies should be treated as securities, but also because “an applicant may not be able to trade traditional securities. The same licensing regime applies regardless of whether you are proposing to trade in securities based on a digital asset platform.”
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In September, ASIC announced that all crypto companies operating in Australia will be required to obtain an Australian Financial Services License following the mixed outcome of a legal battle against Australian crypto companies Finder Wallet and Block Earner. announced.
