The Australian regulator ASIC (Australian Securities and Investments Commission) issued new trading guidelines and requirements for crypto exchange-traded products. These new guidelines will apply to similar investment products that can end up being listed as crypto-related instruments on Australian cryptocurrency exchanges.
The regulators focused specifically on pricing methodologies, risk management strategies, monitoring standards, admission standards, and crypto custody practices. Another thing the regulator was concerned about was the storage of private key in relation to crypto custody. According to ASIC, the most effective way is cold storage, i.e. keeping the asset offline. What is more, crypto companies will be required to make backups and store them in isolated and separate places.
ASIC has been looking into crypto regulation since June this year, since Australian interest in cryptocurrencies has risen immensely this year.
For the time being, ASIC’s new guidelines will apply to BTC and ETH only, although that will likely change in the future.
Source
The only surprising thing here, I think, is how long it took ASIC to make these changes. Cryptos' popularity has been rising for months now.
The regulators focused specifically on pricing methodologies, risk management strategies, monitoring standards, admission standards, and crypto custody practices. Another thing the regulator was concerned about was the storage of private key in relation to crypto custody. According to ASIC, the most effective way is cold storage, i.e. keeping the asset offline. What is more, crypto companies will be required to make backups and store them in isolated and separate places.
ASIC has been looking into crypto regulation since June this year, since Australian interest in cryptocurrencies has risen immensely this year.
For the time being, ASIC’s new guidelines will apply to BTC and ETH only, although that will likely change in the future.
Source
The only surprising thing here, I think, is how long it took ASIC to make these changes. Cryptos' popularity has been rising for months now.
