Regulator updates digital asset guidance, crypto platforms must join AFCA
Earlier this month the government released a draft for consultation of the proposed Payment Systems Modernisation Bill, which will formally bring stablecoins into the payments system.
The bill will allow stablecoins to have their own set of rules and a defined, fit-for-purpose market structure, rather than being forced into frameworks that are not designed for digital currencies.
The regulator’s updated guidance stated that stablecoins, wrapped tokens, tokenised securities and digital asset wallets are among the digital asset products that it considers to be financial products in its updated guidance.
ASIC commissioner Alan Kirkland said distributed ledger technology and tokenisation are reshaping global finance and the…
