Bitcoin & Ethereum Only Meeting In Our Criteria: Australian Regulators

The Australia Securities and Investments Commission talked about the Cryptocurrency regulation criteria. They said that Ethereum and Bitcoin are only meeting our regulation criteria for exchanges.

The Australia Securities and Investments Commission expressed their opinion on the crypto assets that are getting traded on Exchanges. 

According to them Bitcoin & Ethereum based trading with other crypto assets are following our criteria perfectly. 

ETPs means crypto-asset exchange-traded products. That means only buy & sell of crypto assets at Exchanges. 

Since it is not fully clear about the statement by Australian Securities & Investment Commission, what are those things which are against their regulation criteria. Probably they may be ICOs, IEOs, IDOs like systems or may be Investment programs. And also it includes the points where Stock market and Crypto market assets can interconnect with each other, which is the case of ASIC initiative.

Australian securities and investment released a document paper on 30 June for these things. 

According to this paper release they can give allowance of those assets which are more promising.  

“unique and ever evolving features” of crypto-asset ETPs could meet existing regulatory

So due to this complexity and fast pace in this industry, ASIC considered two main key points to understand clearly, so that they can do their operation perfectly without any problem.

(a) whether these products can meet existing expectations for ETPs, including whether crypto-assets are appropriate underlying assets, whether crypto-assets can be reliably priced, and how crypto-assets should be classified with respect to underlying asset rules; and (b) how product issuers can ensure these products are compliant with our regulatory framework, including with respect to custody, risk management and disclosure.”

And this Asic paper indicates that they can’t serve their services for any type of possible asset. And right now they are restricted with only bitcoin and Ethereum as per reply on this question.

“At this point in time, in our view, the only crypto-assets that are likely to satisfy these factors are bitcoin (BTC) and ether (ETH).”

This problem is faced by ASIC to expand their business by listing assets on the Toronto Stock Exchange.

Read also: Taiwan New AML Law For Crypto Exchanges By 1 July