ASIC regulator from Australia has spoken about the intentions mentioned in the ‘Corporate Plan’. According to this week publication, there will be an increase in the crypto exchange and Initial Coin Offerings scrutiny.
ASIC is known as an organ that supervises operators of the financial market and its recent message states that exchange sector will continue to be a priority up to 2022.
Speaking about details, this organ aims at ensuring that all “threats of harm” brought about by nascent industry are mitigated as its regulatory remit part.
The Plan says that they mean any potential threats caused by technology because of the increasing digital environment and structural alterations in both any financial service and any market. It is also mentioned that the further focus will be laid on looking for threats that emerge from new products, cyber resilience, the point how adequately every firm and company manages its tech solutions and bad conduct performed using any digital or cyber mechanism.
If to summarize everything mentioned, the main goal of ASIC is to analyze ICOs in details to ensure compliant conduct.
One of the projects for this and next year mentioned in the report has a goal to monitor appearing products including ICOs and interven any cases of unsuitable conduct and possible harm made to any consumer or investor.
The next area ASIC will be focused on in the following year is the development of approach how to apply the principles that regulate providers of market infrastructure to cryptocurrency exchanges.
Next to the release this week has also featured a key moment for Australian cryptocurrency exchange. It has first raised money through ICO respond to numerous enquiries from ASX over the plans of its own.
Amid quite a controversial regulatory environment, Byte Power Group that is on the point of launching a cryptocurrency exchange said that every requirement was considered in proceeding with the company token sale in addition to the legal advice received as well.