Australian regulator renews ICO and crypto-assets manual
The Commission (ASIC) has issued a guide for cryptocurrency companies that regulate activities in accordance with current legislation. The goal is to protect consumer rights and maintain the integrity of the Australian financial market.
The manual applies to startups whose tokens fall under the definition of a financial product (they have the characteristics of securities and are used for investment). The updated version includes miners, exchanges, crypto-wallets, intermediaries and those who give investment advice. All of these organizations will need to have an AFS license.
Updated rules apply even to companies operating through offshore companies. Australian rights must be fully protected at the legislative level.
Those companies whose tokens do not have signs of financial products are charged with the responsibility not to mislead potential investors.