ASIC's Proposed Crypto Regulation Framework in Australia

Australia's ASIC is seeking feedback on proposed changes to its crypto regulation framework. The regulator aims to clarify the classification of digital assets under current law, including exchange tokens, NFTs, memecoins, and tokenized assets. ASIC is also considering adding stablecoins and wrapped tokens to the list of classified financial products. The commission is reviewing the AFS licensing system and may introduce new requirements for digital asset businesses. Feedback is due by Feb. 28, 2025, with the final framework expected to be released in mid-2025. ASIC Commissioner Alan Kirkland highlighted the importance of fostering financial innovation while ensuring consumer protection. The update follows the release of new guidance for digital asset products and services. Additionally, the article discusses Bitcoin's potential, decentralized technology, and the role of Bitcoin in global markets as an inflation hedge. ASIC's licensing move is seen as a step towards curbing scams and protecting investors in Australia. Read more AI-generated news on: https://app.chaingpt.org/news