Australian Authorities Push For Reform In Retail Crypto


  • The Australian Securities Commission is intensifying crypto regulatory measures.
  • More than 60 issuers offer unregulated high-risk derivatives in Australia.
  • The commission promises disciplinary actions against non-complying issuers.

As the cryptocurrency industry continues to gain traction, the increased need for proper and robust regulatory measures becomes increasingly apparent. 

In response to this growing need, the Australian regulatory authority has announced the enforcement of stricter measures in an effort to mitigate risks associated with crypto derivatives for retail investors.

New Regulatory Measures

In a report released on September 5th, the Australian Securities Commission announced its decision to strengthen efforts to regulate high-risk over-the-counter (OTC) derivatives including cryptocurrencies, offered to retail clients within the region.

The Commission known for its history of taking strong regulatory actions to protect consumer interests, expressed concerns regarding the amalgamation of unregulated digital assets and regulated financial products. 

The report revealed the commission’s dissatisfaction with offerings of high-risk crypto products, addressing the harms they pose to retail investors. 

This heightened scrutiny comes on the heels of the conclusion of a targeted review, which revealed that more than 60 Australian financial licensees offer high-risk derivatives within Australia. The report also builds on the commission’s previous efforts to ensure compliance with design and distribution obligations, further highlighting their dedication to safeguarding financial markets. 

The AISC’s deputy chair, Karen Chester, issued a stern warning to issuers, underscoring the importance the adhering to the enforced distribution regulations. She stated that disciplinary actions will be taken against issuers found lacking in compliance.

This regulatory stance showcases the AISC’s commitment to fostering a secure and favorable financial environment, specifically in the fast-growing cryptocurrency landscape.

MetaMask’s new portfolio feature allows users to easily transfer cash. Read to learn more:
MetaMask Unveils New Feature For Crypto-To-Fiat Conversion 

Base experienced a significant outage in less than a month of its launch. Learn more:
Base Draws Solana Comparisons After First Major Outage



Source link: https://dailycoin.com/australian-authorities-push-for-reform-in-retail-crypto/

Sponsors

spot_img

Latest

AC Milan vs Inter prediction, odds and betting tips

The Italian rivals are ready to do battle with a place in the final of this season’s Champions League up for grabs. AC Milan...

Tetris movie: Inside the great game business deal of all time | Maya Rogers interview

Connect with top gaming leaders in Los Angeles at GamesBeat Summit 2023 this May 22-23. Register here. Maya Rogers, CEO of the Tetris Company,...

Bitcoin At Mid-Cycle Point: Historical Pattern Repeating Itself?

Bitcoin has reached a critical juncture in its current market cycle, according to a recent analysis conducted by on-chain analytics firm Glassnode. The...

Pentagon says another Chinese spy balloon spotted over Latin America

“We are seeing reports of a balloon transiting Latin America. We now assess it is another Chinese surveillance balloon,” chief Pentagon spokesperson Brig....