Australian Regulator: Bitcoin is Not a Financial Product
Digital currencies are not a financial product and operators do not need licenses to trade or hold them, the Australian Securities and Investments Commission (ASIC) has said. Additionally, an operator does not require a license to provide advice to others in relation to digital currencies, or to arrange for others to buy and sell them. ASIC's comments are contained within a 32-page submission (download the pdf here) to the ongoing Australian Senate inquiry into digital currency. Like the Australian Tax Office's ruling in August, ASIC's submission is regarded as temporary until such time as....
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The Australian Competition and Consumer Commission has filed a lawsuit against Meta, formerly Facebook, for “publishing scam advertisements featuring prominent Australian public figures.” The regulator said, “The essence of our case is that Meta is responsible for these ads that it publishes on its platform.”
Meta Sued for Publishing Cryptocurrency Scam Ads
The Australian Competition & Consumer Commission (ACCC) announced Friday that it has taken legal action against Meta Platforms Inc. (formerly Facebook) and Meta Platforms Ireland Ltd.
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The Australian securities regulator is taking a stand against financial influencers whom they believe to be bamboozling the general public with misinformation about crypto. New warnings from the Australian Securities and Investments Commission (ASIC) on appropriate conduct for financial influencers could have a dramatic impact on the local crypto industry.ASIC’s recent Information Sheet outlines the traps influencers and the companies that hire them could fall into while wittingly or unwittingly promoting financial products. The penalties for failing to heed ASIC’s warnings could lead to....