The corporate regulator and lobbyists for big banks and fund managers are urging the Albanese government to classify crypto assets as financial products.
, one day before its parent company filed for Chapter 11 bankruptcy in the US – said the 21-year-old laws governing the classification and distribution of financial products were not “fit for purpose”.and hence definition of a financial product was written prior to the invention and proliferation of crypto-assets, and as such this can result in significant friction to crypto-asset businesses that are uncertain of the regulatory perimeter,” it stated.
Industry body Blockchain Australia – which represents crypto start-ups and exchanges but also includes traditional services providers such as KPMG, PwC, Deloitte, Mastercard and the Australian Securities Exchange among its members – also opposed calls to classify crypto assets as financial products.“We are unequivocally against bringing all crypto assets into the financial product regulatory regime.
But in its submission, ASIC said the crypto market had become more complex since then and more entwined with the mainstream financial system, blurring the line between crypto and financial products. It also reiterated its concern that too few crypto asset investors understood the inherent risks attached to the nascent market.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASIC directive on shareholder meetings is over-protectionist creepSurely it can’t be unreasonable per se to hold a shareholder meeting between December 19 and January 13? ASIC begs to differ …
Read more »
ASIC powerless to stop Telegram’s crypto pump and dump groupsAs crypto pump and dump channels operate on Telegram, ASIC admits market manipulation offences in the Corporations Act don’t apply to trading in crypto assets.
Read more »
ASIC sues Finder over ‘unlicensed’ crypto productThe Australian Securities and Investments Commission has commenced civil proceedings in the Federal Court against the comparison site.
Read more »
ASIC, RBA crack the whip on ASX’s complacent boardASIC chairman Joe Longo and RBA governor Philip Lowe have made clear that the crackdown on ASX is just the first step in a far more intensive program of regulatory surveillance and compliance.
Read more »
New laws to target ASX clearing monopoly, Apple PayThe Albanese government will respond to demands from ASIC for power over the market operator and from the RBA governor to regulate the tech titan in payments.
Read more »
Albanese releases new details of next overseas tripThe Prime Minister said he was 'looking forward to starting the New Year' with a trip to Papua New Guinea after his visit to Australia's closest neighbour was pushed back following his COVID-19 diagnosis.
Read more »