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Australia’s securities regulator has unveiled proposals for stricter oversight of the crypto market, aiming to enhance “consumer protection.” 
<a href="https://crypto.news/tag/australia/" target="_blank">Australia</a> is moving to tighten oversight of cryptocurrencies, pointing out “practical licensing issues” of <a href="https://crypto.news/tag/stablecoin/" target="_blank">stablecoins</a> and wrapped tokens. 
In a Dec. 4 <a href="http://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-266mr-asic-invites-feedback-on-proposed-updates-to-digital-asset-guidance/?data=js987ahdenis7923omelchenko9hsd" target="_blank" rel="nofollow">press release</a>, the Australian Securities and Investments Commission announced Consultation Paper 381, outlining plans to address regulatory gaps in the crypto industry and ensure compliance with existing financial laws. 
ASIC Commissioner Alan Kirkland says the regulator wants to promote the growth of “responsible financial innovation” while “ensuring consumer protection,” adding further that a “well-regulated financial system” benefits everyone in the community. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Many digital assets and related products are financial products under the current law. Stakeholders have been calling for greater clarity and in response, we are releasing our draft updated guidance.” 
 Alan Kirkland 
</blockquote> 
The securities watchdog wants to add 13 practical examples of “how the current financial product definitions” could apply to cryptocurrencies “and related products.” 
 You might also like: <a rel="" href="https://crypto.news/kraken-unveils-broker-offering-in-australia-for-institutions/"> Kraken unveils broker offering in Australia for institutions </a> 
The consultation paper also includes suggestions on potential regulatory relief measures, and transitional approaches for businesses adapting to updated guidance, the press release reads. ASIC is also exploring a “no action” position for firms in the process of applying for or modifying licenses. 
Public feedback is open until Feb. 28, 2025, with ASIC planning to finalize INFO 225 by mid-year. 
In the meantime, Australia is also reviewing its approach to crypto taxation, with the Department of Treasury seeking guidance from the Organization for Economic Cooperation and Development. As crypto.news <a href="https://crypto.news/australia-seeking-advice-on-crypto-taxation-to-oecd/" target="_blank">reported</a> earlier, the Treasury is weighing two options: adopting the OECD’s Crypto Asset Reporting Framework or tailoring it to domestic needs. CARF aims to boost tax transparency by collecting data on crypto transactions, including purchases over $50,000, and sharing it with global authorities. 
 Read more: <a rel="" href="https://crypto.news/australias-central-bank-seeks-feedback-on-wholesale-cbdc-tokenized-markets/"> Australia’s central bank seeks feedback on wholesale CBDC, tokenized markets </a>

Australia’s ASIC seeks stricter oversight of stablecoins, wrapped tokens

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