Laws to be tightened in Australia: says the prime financial regulator

A major Australian financial regulator has stated that soon laws will be tightened in the country regarding cryptocurrency and that more effort is put into assessing the different Initial Coin Offerings. Very recently, plan was unveiled by the authorities in Australia, that is, by the Australian Securities and Exchange Commission regarding the coming four years and the focus of the authorities during this period is going to be on minimizing the threats from the products that are yet emerging. Therefore, authorities are going to be more cautious about the various new ventures that will be undertaken in the field of digital currency.

ASIC has also stated that it will soon come up with a certain-specific framework and the regulations from this framework have to be followed, like before applied for the Australian forex brokers. It has also gone onto say that steps would be taken against those who flout the rules and prove to be threats to the various entities in the field of digital currency. Right now, through various means, the regulatory authorities are keeping an eye on cryptocurrency operations across the sector. However, right now, there are two norms which have to be followed by the exchanges across the country, these norms are know-your-customer and Anti-money laundering norms.

There are no definite questions that the authorities intend to raise regarding the operations in the field of virtual currency, however, they could not have chosen a better time to carry out these directions as a prominent firm has already conveyed an intention to bring about a sale of tokens so that there can be enough money to fund virtual currency. It can be believed that there will be enhanced safety in the sector of cryptocurrency following the declaration by the authorities regarding their stance on what they expect from those who intend to make a future in this sector in the coming years.

Kavya Lakhani

Kavya is one of the integral members of the CryptoNewsZ Journalists team. She manages the team of correspondents and researches for the platform. She holds a master's degree in Journalism and has cryptocurrency trading experience as well. She constantly follows the cryptocurrency ecosystem with a passion for decentralized fin-tech. You can also mail her at [email protected] to discuss anything related to her reports.

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