Australia: crypto trading on the rise

Recently, there have been “significant increases” in crypto trading volumes in Australia.

This was revealed by a spokesman for the Australian Securities and Investments Commission (ASIC), the government agency that regulates financial markets in the country. 

As such, the ASIC is preparing for the rapid growth of the crypto-asset markets.

The spokesman also said that the Australian agency has begun to share information regarding taxation, anti-money laundering, and financial activities in the crypto sphere with other national and international regulators. 

The ASIC has already been active for some time in the crypto sector, both with regard to the regulation of ICOs and with regard to the new laws on cryptocurrencies that are expected to come into force on January 1st, 2020. 

With regard to guidelines on ICOs for example, the spokesman of the ASIC, whose identity is not known, said: 

“Companies and businesses that are seeking to legitimately operate and differentiate themselves from scam operators keen to capitalise on the back of the speculative hype around crypto assets have generally welcomed the updated guidance”.

Although the agency has no jurisdiction over exchanges, the statements regarding crypto trading volumes in Australia are also indicative of a certain understanding of the industry.

After all, it is the spokesman himself explaining the reason for the ASIC’s interest in exchanges, given that he has made explicit references to the theft or loss of tokens due to hacking, warning consumers that, in the event that an exchange fails or is violated, as has happened in the past, the risk of suffering significant losses is substantial. 

One of the most famous cases in this respect is that of the New Zealand exchange Cryptopia, which, although not Australian, had many relationships with Australian customers and institutions.