Australia to Regulate Crypto Exchanges By Rules of Traditional Market

News
Fri, 09/07/2018 - 12:37
article image
Yuri Molchan
The main regulator of Australia implements new ‘corporate plan’ for crypto trading for next five years
Australia to Regulate Crypto Exchanges By Rules of Traditional Market
Cover image via U.Today

Back in April, the Australian regulator working with securities and investments (ASIC), said it would watch the area of crypto and ICO, and for this reason, they are launching a new project that would research the way crypto assets are used in various areas.

New rules prove to be old ones

ASIC also intends to create a new policy for electronic exchanges that would deal with principles for managing the providers of market infrastructures to virtual trading platforms. This, experts believe, will put the sector of online exchanges on the same level of attention as conventional operators of the financial market.

Regulators tighten their hold of the industry

Australian online asset exchanges already work under the supervision of another regulator– the Australian Transactions and Reporting Analysis Center (AUSTRAC).

Bitcoin exchanges now have to be part of the AUSTRAC’s special register for online traders and also follow the compulsory anti-money laundering- and KYC requirements.

Related Giving Each Other a Helping Hand: Traditional Finance and Crypto to Lead Each Other Forward
Related
Giving Each Other a Helping Hand: Traditional Finance and Crypto to Lead Each Other Forward

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.