Bitcoin

The Australian Securities and Investments Commission (ASIC) is working to fill the void in the expanding digital asset industry. On December 4, ASIC <a href="https://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&#61;js987ahdenis7923omelchenko9hsd" rel="noopener noreferrer nofollow">published</a> Consultation Paper 381, which describes ASIC’s position on the regulation of stablecoins and wrapped tokens. These new forms of digital assets have created what can be described as “practical licensing questions” that need more direction.Financial Product ConceptsThe consultation paper offers 13 specific illustrations of how financial product concepts can be applied to digital assets. Any company managing digital assets may require an Australian Financial Services (AFS) license. This requirement ensures that companies are within the right <a href="https://cryptotale.org/australias-new-crypto-licensing-rules-what-to-know/" rel="noopener noreferrer nofollow">framework</a> of Australian financial services laws and regulations, thus providing some legal certainty in the industry.The new guidance will help companies better understand how to apply for an AFS license and what ASIC wants to see in an application. The main focus will be on the norms and standards of financial regulation. ASIC has made these changes to help provide more definition and thus lessen the impact on the operational aspects of the crypto business.<a href="https://cryptotale.org/asics-bold-move-tightening-control-over-crypto-assets/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

ASIC's Bold Move: Tightening Control Over Crypto Assets

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