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Crypto figures are warning looming regulation of the sector would impose the need to consolidate, with the industry striking a cautious tone as the corporate regulator The Australian Securities and Investments Commission (ASIC) has announced an expansion to its cryptocurrency regulatory framework through Consultation At the centre of ASIC’s new guidance are 13 worked examples to show how the regulator will assess various crypto offerings. For instance, a crypto token linked to the The Australian Securities and Investments Commission recently released its corporate plan for , and notably, Bitcoin and other cryptos were one of its “core” focus Likely in response to this growth, the Australian Taxation Office (ATO) has quietly updated its non-binding web guidance to include digital assets like crypto-assets and Financial regulator, the Australian Securities and Investments Commission (ASIC), has today released a consultation paper outlining proposed updates to its

Australia DeFi & Crypto: ASIC\'s Core Focus on Bitcoin and Beyond

Navigating the evolving landscape of Decentralized Finance (DeFi) and cryptocurrencies like Bitcoin in Australia requires understanding the increasing scrutiny from regulators. The Australian Securities and Investments Commission (ASIC) is making crypto a “core” focus area, impacting DeFi platforms and Bitcoin investments alike. Crypto figures are warning looming regulation of the sector would impose the need to consolidate, with the industry striking a cautious tone as the corporate regulator The Australian Securities and Investments Commission (ASIC) has announced an expansion to its cryptocurrency regulatory framework through Consultation.

ASIC\'s Expanded Crypto Regulatory Framework

ASIC\'s heightened attention to the crypto space is evident in its recent actions. Financial regulator, the Australian Securities and Investments Commission (ASIC), has today released a consultation paper outlining proposed updates to its regulatory approach. At the centre of ASIC’s new guidance are 13 worked examples to show how the regulator will assess various crypto offerings. For instance, a crypto token linked to the real world asset, the regulator is examining the structure in depth. The Australian Securities and Investments Commission recently released its corporate plan for 2023-2027, and notably, Bitcoin and other cryptos were one of its “core” focus areas. This indicates a long-term commitment to overseeing the DeFi and crypto market.

ATO Guidance and ASIC\'s Consultation Paper

Beyond ASIC, the Australian Taxation Office (ATO) is also adapting to the growth of digital assets. Likely in response to this growth, the Australian Taxation Office (ATO) has quietly updated its non-binding web guidance to include digital assets like crypto-assets. Investors and businesses operating in the Australia DeFi and crypto space should familiarize themselves with both ASIC\'s consultation paper and the updated ATO guidance to ensure compliance.

Implications for Bitcoin, ASICs, and the Broader Crypto Market

The regulatory focus extends to all facets of the crypto ecosystem, including Bitcoin mining and the use of ASICs (Application-Specific Integrated Circuits). Businesses utilizing ASICs for Bitcoin mining should be prepared for potential scrutiny. The evolving regulatory framework presents both challenges and opportunities. Understanding ASIC\'s "core" focus on crypto and its implications is crucial for anyone involved in the Australian DeFi and crypto market.

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