Australian regulator the Australian Securities and Investments Commission (ASIC) has made public their plans to increase scrutiny of cryptocurrency exchanges and in particular Initial Coin Offerings (ICO) in its ‘Corporate Plan’ published this week.
“Potential harms from technology driven by the growing digital environment and structural changes in financial services and markets,”
“We will continue to focus on monitoring threats of harm from emerging products (e.g. ICOs and crypto currencies), cyber resilience, the adequate management of technological solutions by firms and markets, and misconduct that is facilitated by or through digital and/or cyber-based mechanisms.”
“Monitoring emerging products, such as ICOs, and intervening where there is poor behaviour and potential harm to consumers and investors,” the report outlines describing one of its 2018-19 “projects.”
The plans have been conveniently released in the same week as Australia saw its first crypto exchange raising funds via an ICO respond to multiple enquiries from fellow securities regulator the Australian Securities Exchange (ASX) over its own plans.
Cryptocurrency exchanges in Australia are required to comply with know-your-customer and anti-money laundering standards enforced by Austrac, the country’s financial intelligence agency.
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