The Australian Commission of securities and investments (ASIC) in 2018-2019 intends to develop a new regulatory framework for the regulation of cryptocurrency exchanges and prevent activities that pose a threat to investors and users in the field of ICO and cryptocurrency. The overall attention to cryptocurrency exchanges will be a priority for ASIC in the next few years. A point made in the officially published plans of the financial regulator for the period up to 2022.
The document also States that ASIC will primarily take responsibility for the monitoring of threats and of new products in this area and will continue the licensing and supervision, and financial market participants, clearing agencies and trade derivatives.
Recall that the Australian information and analysis center for financial transactions (AUSTRAC) last year had the opportunity to supervise the activities of cryptocurrency exchanges. This spring, the crypto currency exchange are obliged to register in it and to follow the new requirements of combating laundering of illegally obtained funds and terrorism financing (AML/CTF).
However, the Australian Commission for competition and consumer protection (AKKP) reported that fraud cryptocurrencies over the last year has become the second most popular investment Scam-scheme in the country and brings users to a loss of about 4.3 million Australian dollars a month.