The Australian Securities and Investments Commission (ASIC) is mulling upon new means of regulating crypto exchanges and also for increasing the monitoring of initial coin offerings (ICOs), in order to safeguard the interests of investors much more effectively.
ASIC stated in its corporate plan for 2018-2022 that the distributed ledger technology (DLT) or Blockchain is anticipated to bring about significant changes to the financial services industry of Australia. ASIC added several developments in technology in order to raise the efficiencies in terms of settlements, data reconciliation and other middle and back-office functions.
The researchers are expecting ICOs to grow globally as compared to all the previous years between 2018 and 2019. ASIC added that it would specifically focus on monitoring threats of harm from emerging products such as cryptocurrencies and ICOs.
The Australian regulator acknowledges the fact that although the digital assets space comprising of crypto exchanges represent a small portion of the global financial system, it is definitely growing at a fast pace. Thus simultaneously it is generating a greater need for stricter regulatory monitoring.
The financial sector, according to ASIC is also increasingly using data analytics to address compliance and regulatory requirements in a much more effective manner. The global investment in regulatory technology amounts to around $591 million from 60 deals during the first half of 2017.
The ASIC has pledged to create a new framework in order to apply the principles for regulating crypto exchanges to market infrastructure providers. It has also pledged to monitor emerging products such as ICOs and intervene in case it notices any potential harm to consumers, as stated in the Cryptovest report.
ASIC’s integrated strategic planning framework offers guidance on how to identify and prioritize harms and threats to crypto exchanges. It also guides on how to plan its regulatory actions and how to evaluate and report its performance. ASIC intends to promote an innovative and strong development of the financial system over the next four years while mitigating harms to markets, investors and consumers, as stated in its corporate plan.
The post ASIC Considers New Tactic For Regulating Crypto Exchanges appeared first on OWLT Market.
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