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
Goldman Sachs: 'Real Dollars At Work' in Cryptocurrency Markets
Goldman Sachs has published a question-and-answer report focused on cryptocurrencies in which it suggests that clients should be keeping a closer eye on the market.
According to ZeroHedge, which fi
Bitcoin’s Present Bubble Might Actually be the Beginning of Mainstream Adoption
Bitcoin’s enthusiasts are torn between whether to celebrate Bitcoin’s arrival in the foothills of mass adoption, or to lament the upcoming burst that always happens with asset bubbles. There is
XinFin.org Completes It’s Africa Awareness Drive; Starts IoT Projects; Prepares ICO
XinFin.org recently completed Africa awareness program across three nations in Africa, has kicked off several IoT projects in Asia. The organization also plans to follow regulatory standards for it’s
Sony Taps Blockchain to Develop System for Data Sharing and Authentication In Education
Sony Corporation and Sony Global Education (SGE) have created a system to apply blockchain technology to education. The system centralizes managing data from multiple institutions, allowing them to re
Full Steam Ahead? Segwit2x Reaffirms Bitcoin Hard Fork Plan
The technical team behind the bitcoin scaling proposal Segwit2x is doubling down on its controversial plan to introduce code that would seek to hard fork the network in three months time.
The Emergence of Digital Reality
Blockchain technology continues to disrupt many major industries worldwide. By changing the way people interact and do business, Blockchain is leading us to a new “digital reality.” Social media
Price Analysis, August 9: Bitcoin, Ethereum, Ripple, Litecoin, Ethereum Classic
SegWit has locked-in today. Now the network has to update its software to make sure all the SegWit transactions are stable. And there’s almost a month before SegWit. Bitcoin price is indicating
Bitstamp Will Add Ether Trading to Cryptocurrency Exchange
European cryptocurrency exchange Bitstamp will launch new trading pairs for ether next week.
Beginning on August 17, Bitstamp will add markets denominated in US dollars, euros and bitcoin for the e