Australian cryptocurrency mining management

ACCE registered as a company in Australia in June , but its financial reports are not available with the corporate regulator. This would indicate it is defined as a small proprietary company and that it did not meet at least two of the criteria needed to require reporting. After a long bull run, the sector has entered a so-called crypto winter. As a relatively young industry, experts think poor risk management, lax regulation and instability within crypto markets have previously been glossed over.

However, restructuring and advisory firm McGrathNicol reckons many operators will be forced to close and there will be fewer than 10 Australian digital asset exchanges that have strong corporate governance, operate efficiently and have not leveraged.

Last year, a senate committee on Australia as a technology and financial centre heard there were no rules for external audits or IT security standards for crypto exchanges in Australia. Do you know more? Email Max Mason and Jonathan Shapiro on max. Max Mason covers courts, insolvency, regulation, financial crime, cybercrime and corporate wrongdoing. He joined the masthead in and has held a number of roles, including media editor and telecommunications reporter. He is based in Sydney.

Connect with Max on Twitter. In INFO , ASIC provided high-level regulatory signposts for crypto asset participants to determine whether they have legal and regulatory obligations. These signposts are relevant to crypto asset issuers, crypto asset intermediaries, miners and transaction processors, crypto asset exchanges and trading platforms, crypto asset payment and merchant service providers, wallet providers and custody service providers, and consumers. Broadly, entities offering coins or tokens that can be classified as financial products will need to comply with the regulatory requirements under the Corporations Act, which generally include disclosure, registration, licensing and conduct obligations.

An entity that facilitates payments by cryptocurrencies may also be required to hold an AFSL and the operator of a cryptocurrency exchange may be required to hold an Australian market licence if the coins or tokens traded on the exchange constitute financial products. This reflects its willingness to build greater investor confidence around cryptocurrency as an asset class.

However, ASIC has emphasised consumer protection and compliance with the relevant laws and has taken action as a result to stop proposed token sales targeting retail investors due to issues with disclosure and promotional materials the requirements of which are discussed below as well as offerings of financial products without an AFSL. In , the Treasury consulted on ICOs and the relevant regulatory frameworks in Australia; however, no outcomes of this consultation have been reported to date.

For example, an offer of a financial product to a retail client with some exceptions must be accompanied by a regulated disclosure document e. In some instances, the marketing activity itself may cause the token sale to be an offer of a regulated financial product. At the time of writing, no outcomes have been released in relation to either of these consultations.

Foreign companies taken to be carrying on a business in Australia, including by issuing cryptocurrency or operating a platform developed using ICO proceeds, may be required to either establish a local presence i. Generally, a company holding an AFSL will be carrying on a business in Australia and will trigger the requirement. Promoters should also be aware that if they wish to market their cryptocurrency to Australian residents, and the coins or tokens are considered a financial product under the Corporations Act, they will not be permitted to market the products unless the requisite licensing and disclosure requirements are met.

Generally, a service provider from outside of Australia may respond to requests for information and issue products to an Australian resident if the resident makes the first unsolicited approach and there has been no conduct on the part of the issuer designed to induce the investor to make contact, or activities that could be misconstrued as the provider inducing the investor to make contact.

Design and distribution obligations and product intervention powers From 5 October , issuers and distributors of financial products must comply with design and distribution obligations DDO , which may impact the way cryptocurrencies are structured and token sales are conducted in the future. Issuers and distributors must implement effective product governance arrangements, which include among other things a target market determination subject to review triggers.

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