Reduced Regulatory Pressure on Stablecoin Intermediaries by Australia's ASIC
The Australian Securities and Investments Commission (ASIC) has announced several updates to its digital assets guidance, INFO 225, aimed at better accommodating digital marketing. The commission is set to formalise these crypto rules in the coming weeks.
ASIC's proposed updates include practical examples of how existing financial product definitions could apply to stablecoins, wrapped tokens, exchange-native tokens, and meme coins. This move is a direct response to concerns raised during ASIC's consultation on crypto regulation, outlined in Consultation Paper 381, which was published late last year.
The Australian government has also proposed regulations for crypto exchanges and stablecoin issuers. ASIC is working closely with the Treasury department to develop a stablecoin framework.
Notably, the ASIC has already granted permission to Independent Reserve, an Australian crypto exchange acquired by IG Group and holding licenses in both Australia and Singapore, to issue compliant stablecoins, under the condition of having their own financial services license.
ASIC is currently finalising the updates and plans to publish the revised INFO 225, along with key themes and public submissions from the consultation, in the coming weeks. This will provide clarity and guidance for businesses operating in the digital marketing space, ensuring they comply with the new regulations.
These proposed regulations mark a significant step forward in the regulation of digital marketing in Australia, addressing the growing concerns around crypto exchanges, stablecoins, and other digital marketing. As the digital marketing market continues to evolve, it is essential that regulatory bodies like ASIC adapt and provide clear guidelines for businesses and investors.
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