when

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/australian-securities-and-investments-commission-focuses-on-regulatory-reforms-for-crypto-sector/" data-wpel-link="internal">Australian Securities and Investments Commission Focuses on Regulatory Reforms for Crypto Sector</a> 
The Australian Securities and Investments Commission (ASIC) is approaching the creation and release of a series of regulatory reforms for the crypto sector, focusing on the desired regulatory outcomes. ASIC Commissioner Alan Kirkland shared the institution’s game plan to promote the growth of responsible financial innovation during The Brief – Open Forum, held as part of <a href="https://en.coin-turk.com/maplestory-expands-to-avalanche-blockchain-for-enhanced-gaming-experience/" data-wpel-link="internal">Blockchain</a> APAC Policy Week on March 20th. 
<h2 class="p1" style="text-align: justify" id="australia-and-the-crypto-sector">Australia and the Crypto Sector</h2> 
Kirkland emphasized that three key issues need to be resolved on the regulatory side when it comes to financial innovations. These issues highlight the protection of consumers, market integrity, and the promotion of financial innovation. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-331184" src="https://coin-turk.com/wp-content/uploads/2024/03/asic-tweet.webp" alt="" width="500" height="453"> 
ASIC aims to foster trust in crypto and decentralized financial systems by enhancing supervision and balancing three key factors. According to the Commissioner, ASIC has provided informal regulatory assistance to over 900 organizations since 2016. Speaking about the upcoming reforms, Kirkland stated: 
<blockquote> 
 “In short, the desired outcome is a clear set of rules supported by mechanisms that maintain market integrity, reduce risks to consumers and investors, encourage compliance with these rules, and enable us to implement them effectively.” 
</blockquote> 
ASIC also received numerous proposals for the tokenization process of financial products and other real-world assets. Kirkland commented on this topic: 
<blockquote> 
 “While some types of tokenization are regulated through the existing regulatory regime, others will be regulated through the Government’s proposal for a crypto asset platform.” 
</blockquote> 
<h2 class="p1" style="text-align: justify" id="addressed-process-draws-mixed-reactions">Addressed Process Draws Mixed Reactions</h2> 
Kirkland believes that ASIC’s approach to innovation and effective regulation can reduce relevant risks and help introduce crypto assets to a wider audience. In October 2023, the Australian Treasury released a consultation paper proposing that crypto exchanges be required to apply for a financial services license from the local financial regulator. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-331182 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/avustralya.webp" alt="" width="960" height="768"> 
The proposed new rules would require all crypto exchanges handling more than AUD 3.2 million per person or AUD 946 to obtain a license from the Australian Securities and Investments Commission (ASIC). While the proposal has seen mixed reactions from crypto exchanges operating in Australia, the Treasury stated that the entire purpose of the consultation paper was to receive feedback on the many questions and regulations proposed within it. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/australian-securities-and-investments-commission-focuses-on-regulatory-reforms-for-crypto-sector/" data-wpel-link="internal">Australian Securities and Investments Commission Focuses on Regulatory Reforms for Crypto Sector</a></h5>

Australian Securities and Investments Commission Focuses on Regulatory Reforms for Crypto Sector

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