RATE Group | Australia’s Cryptocurrency Sector Facing Increased Scrutiny
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Australia’s Cryptocurrency Sector Facing Increased Scrutiny

10 Sep Australia’s Cryptocurrency Sector Facing Increased Scrutiny

Posted at 06:44h in Cryptocurrency News by

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Australia’s financial watchdog has revealed plans to focus on crypto exchanges and ICOs.

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The Australian cryptocurrency sector is facing increased scrutiny by the country’s financial regulator. In its corporate action plan for 2018–2022, released on Friday, the Australian Securities and Investments Commission (ASIC) said it would keep a close eye on domestic cryptocurrency exchanges and Initial Coin Offerings (ICO).

“We will continue to focus on monitoring threats of harm from emerging products (e.g. ICOs and crypto currencies), cyber resilience, the adequate management of technological solutions by firms and markets, and misconduct that is facilitated by or through digital and/or cyber-based mechanisms,” ASIC stated.

For 2018 and 2019, in particular, the regulator said it will be monitoring ICOs and “intervening where there is poor behavior and potential harm to consumers and investors.” ASIC added that its second area of focus in the period would be…

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