Australia's top securities watchdog is looking to boost its engagement with companies working with blockchain by publishing new materials related to the tech.
The Australian Securities and Investments Commission (ASIC) published an "information sheet" today that offers a way for businesses and startups to assess whether their uses of distributed ledgers would bring them under the agency's jurisdiction.
Information Sheet 219's purpose, according to ASIC, is to spark additional dialogue between regulators and the private sector, in a bid to "fast track any discussions those entities choose to have with ASIC about their potential regulatory obligations".
The agency said in an explainer released alongside the documentation:
"Although DLT is still an emerging technology, we have given, and will continue to give, considerable thought to regulatory issues that may arise if you are contemplating using DLT for your business. This information sheet is designed to help you better understand the regulatory considerations we have identified."
Additionally, ASIC detailed a 12-month exemption for eligible small businesses that serve up to 100 retail clients. These businesses will not be required to apply or hold any Australian Financial Services (AFS) license during those early stages of operation, the agency said.
The release is perhaps unsurprising, as it comes more than a year after ASIC chief Greg Medcraft remarked that blockchain "will have profound implications for how we regulate".
"As regulators and policy makers, we need to ensure what we do is about harnessing the opportunities and the broader economic benefits – not standing in the way of innovation and development," Medcraft said at the time.
Image via Shutterstock
ASICAustralian Securities and Investments Commission
Finnish Police Launch OneCoin Investigation Amid Global Crackdown
Police in Finland have launched an investigation into OneCoin, a digital currency scheme widely considered to be fraudulent.
Local reports indicate that Finnish authorities are currently looking in
Snip’s Decentralized News Revolution
Online content is a broken system. Quality content gets buried beneath mountains of biased articles, clickbait, and stories that are too long to read in one sitting. Consequently, readers cannot easil
Binance Co-founder He Yi: Do Not Follow Suit and Hold Your Bitcoin
August 23th, Binance announced to open trading of MCO and ICN today. In the past few days, Binance opened trading of DNT, which was popular in the ICO market. Until today, Binance has listed 18
Segwit2x Developers Label Controversial Bitcoin Code 'Production Release'
The code for the controversial bitcoin scaling proposal Segwit2x is nearing completion.
At least, that's what BitGo CEO and project leader Mike Belshe has claimed in new a mailing list update.
Datum Turns Data into a New Asset Class and Plans to Launch the First Decentralized Data Marketplace in 2018
Internet applications play a very important part in our everyday life. Given the number of applications and the critical role they play in various settings have made it necessary for the creation of
Cash is useless in Venezuela thanks to hyperinflation — so people are turning to bitcoin
As Venezuela suffers its worst meltdown in history, with inflation skyrocketing and basic necessities running in short supply, many have taken to bitcoin mining in a bid to survive, according to a
Ethereum Price Technical Analysis – ETH/USD Might Extend Correction
Ethereum price is correcting lower against the US Dollar against Bitcoin. ETH/USD has to remain above $308 in order to bounce back. There was a decent upside move in ETH price above the $321 level
Bitcoin Price Technical Analysis for 08/24/2017 – Uptrend Line Still Holding
Bitcoin Price Key Highlights Bitcoin price is still moving above its ascending trend line that has held since mid-July but there are signs that the uptrend is weakening. Technical Indicators