🇦🇺 AUSTRALIA BUILDS NEW RULES FOR CRYPTO PLATFORMS AND CUSTODY
⠀
Australia's financial regulator has released a major new consultation covering digital-asset infrastructure.
⠀
ASIC published its proposals on:
⠀
OCTOBER 15
⠀
The framework would help implement Australia's new:
⠀
DIGITAL ASSETS FRAMEWORK ACT
⠀
The proposed rules cover operators of:
⠀
• Digital asset platforms
• Tokenized custody platforms
⠀
ASIC is developing standards for:
⠀
• Holding customer assets
• Transaction processing
• Settlement
• Financial requirements
• Regulatory guidance
⠀
Why does this matter for Bitcoin?
⠀
For years, much of crypto regulation focused mainly on the asset itself.
⠀
The new generation of rules increasingly focuses on the companies holding, trading and settling those assets.
⠀
That means the regulatory perimeter around Bitcoin infrastructure is becoming much more similar to traditional financial markets.
⠀
Important:
⠀
These standards are NOT final.
⠀
ASIC is asking the industry for feedback until:
⠀
NOVEMBER 27
⠀
The draft instruments could still change significantly before implementation.
⠀
Bitcoin itself remains permissionless.
⠀
The companies building financial services around it are becoming increasingly regulated.
⠀
@BitcoinNews