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Australia&#039s Securities Regulator Seeks Closer Ties To Blockchain Startups

Australia&#039s Securities Regulator Seeks Closer Ties To Blockchain Startups

Australia’s best securities watchdog is hunting to enhance its engagement with organizations working with blockchain by publishing new components connected to the tech.

The Australian Securities and Investments Commission (ASIC) published an “data sheet” these days that offers a way for firms and startups to assess whether their utilizes of distributed ledgers would carry them below the agency’s jurisdiction.

Information Sheet 219‘s purpose, according to ASIC, is to spark additional dialogue among regulators and the private sector, in a bid to “quickly track any discussions people entities pick to have with ASIC about their prospective regulatory obligations”.

The company said in an explainer released alongside the documentation:

“Though DLT is even now an emerging technologies, we have offered, and will continue to give, considerable believed to regulatory problems that might come up if you are contemplating employing DLT for your company. This details sheet is created to aid you far better understand the regulatory considerations we have identified.”

Moreover, ASIC detailed a twelve-month exemption for eligible modest businesses that serve up to 100 retail customers. These organizations will not be needed to apply or hold any Australian Fiscal Services (AFS) license for the duration of individuals early stages of operation, the company said.

The release is perhaps unsurprising, as it comes much more than a 12 months soon after ASIC chief Greg Medcraft remarked that blockchain “will have profound implications for how we regulate”.

“As regulators and policy makers, we need to have to make sure what we do is about harnessing the opportunities and the broader financial rewards – not standing in the way of innovation and advancement,” Medcraft said at the time.

Image by means of Shutterstock

ASICAustralian Securities and Investments Commission

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Published at Mon, 20 Mar 2017 19:26:17 +0000

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