Australian Government Regulator Has Questions for Blockchain Adopters

Australian Government Regulator Has Questions for Blockchain Adopters

The Australian Securities and Investment Commission (ASIC) has released an information broadsheet on blockchain technology today. The sheet contains six questions that the regulator is likely to ask during its assessment for companies and startups considering the use of blockchain technology. As a government body, the ASIC is Australia’s financial services regulatory that also oversees financial markets and the country’s corporate infrastructure. Essentially, all Australian companies, financial markets and financial services such as investments, insurance, and credit fall are all regulated....

Related News

Australian Securities Regulator Puts Brakes on Bitcoin IPO

An Australian cryptocurrency firm is facing fresh delays on its road to debuting on the Australian Securities Exchange. Australia's chief securities regulator, the Australian Securities and Investment Commission (ASIC), has issued an interim stop order on the investment prospectus submitted by Bitcoin Group Ltd for undisclosed reasons. According to the ASIC's website, such orders may be issued if any documents submitted contain

Australian Central Bank Chief: Questions About Blockchain Remain

Governor of the Reserve Bank of Australia (RBA) Glenn Stevens has issued new comments on blockchain technology as part of a broader conversation on the APAC nation's economic outlook for 2016. Speaking to The Australian Financial Review, Stevens voiced his belief that the country's banks should investigate the potential benefits of the distributed ledger, which he suggested was the true innovation behind bitcoin. "Blockchain is actually the bit about bitcoin that was, I think, the really clever bit," Stevens told the news source, adding: "In areas where you've got a centralized ledger, the....

Australian Regulator: Blockchain Acquisitions Could Face Scrutiny

Australia's biggest banks might need approval for any future blockchain acquisitions, according to a key business regulator in the country. Speaking with Reuters, Australian Competition and Consumer Commission (ACCC) Chairman Rod Sims remarked that as domestic banks pursue opportunities in fintech including blockchain, it might spark the need for more active oversight from regulators like his agency. More specifically, the ACCC might have to get involved if major banks start buying up startups that might otherwise compete with them or other institutions. The comments come as Australia....

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....

Australian Senator Touts Blockchain Tech for ‘One-Touch’ Government

An Australian senator has come out as a big fan of blockchain, saying the technology could help facilitate government processes, tighten up financial regulation and more.