Australia’s Securities and Investments (ASIC) Commissioner John Price made a speech, on that he lights up the renewed leading principles of financial regulator for ICO and cryptocurrencies on the event of Fintech in Sidney of April, 26:
“Development of innovative technologies, such as blockchain and ICOs, can revolutionize that, how our society cooperates with financial products and services, but a risk comes with revolution … A swindle causes corrosion, when business comes to the construction of any form of trust, and all of us have a role to play that, to make sure, that it will not happen “.
Price speech was sent to protection of the Australian consumers, underlining that the laws of Australia and consumers are used in Australia, even if ICO is created and managed from abroad.
Last year ASIC published an informative sheet in that there is guidance for any subject, examining ICO, potentially bringing them over under the Australian law on the corporations of 2001 depending on the type of offered tokens. ICO can be examined as the “guided investment charts”, actions or suggestions on derivatives or “cashless means” of payment, and Price also underlined the “basic obligation not to enter in an error or to cheat any suggestions or marketing” yesterday.
Price declared that in interests cryptо industry’s to “create more mature sector that can support a long-term public trust”, adding that ASIC presently cooperates with other internal and international regulators, to make clear the structure of cryptocurrencies “in regard to taxation, white-washing, payment systems and financial services “.
ASIC, at price, supports “open reason, when the question is about NT and business models on early days”, considering that a “correct normative environment” will allow to the innovations of Fintech to “prosper”.
On all Europe, Asia and USA there is the considerable regulator moment related to the crypto sphere. ICO is exposed to the special analysis, and also necessity to use the measures of Anti-Money-Laundering (AML) and observance of “Know – Your – Customer” (KYC) in all industry. Indefinite influence of appearance of adjusting already influences on an acting capital, however some investors consider that a normative clarity will render positive influence on a long-term prospect.