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The Australian Securities and Investments Commission (ASIC) is set to release a series of regulatory reforms targeting the cryptocurrency sector. ASIC Commissioner Alan Kirkland revealed this strategic move during Blockchain APAC’s Policy Week. Kirkland emphasized the importance of addressing the “regulatory trilemma,” which involves balancing consumer protection, market integrity, and financial innovation. The reforms aim to establish a trustworthy environment for crypto and decentralized finance by improving regulation and oversight.
Since 2016, ASIC has offered guidance to over 900 entities, showcasing its commitment to fostering responsible financial innovation. The upcoming regulatory changes are expected to introduce clear rules for maintaining market integrity and protecting consumers and investors. Additionally, the ASIC is exploring the regulation of tokenized financial products and assets through existing frameworks and a new digital asset platform proposal.
In related news, the Department of the Treasury proposed new licensing requirements for crypto exchanges in October 2023. Exchanges managing significant assets must obtain a financial services license from ASIC. This move has sparked mixed reactions within the crypto community, with the Treasury seeking feedback to fine-tune the proposed regulations.
