Posted June 02, 2018 08:20:22 The virtual currency Bitcoin has attracted a lot of attention from regulators in recent months, with the Australian Securities and Investments Commission (ASIC) now considering the possibility of launching a virtual currency trading licence.
The regulator has been working with the virtual currency community since last September and recently released its first regulatory framework for virtual currencies in July.
But the process has been slow, with regulators often seeking to avoid any kind of public scrutiny of virtual currencies.
In particular, ASIC has had difficulty obtaining the permission to use Bitcoin as a trading instrument.
As a result, some investors are finding it hard to use the virtual currencies as a way to protect their interests in other forms of assets, such as real estate.
ASIC has found it difficult to obtain Bitcoin-based financial services The ASIC regulatory framework has also faced challenges from the virtual-currency community, with some arguing that ASIC should have been more cautious about allowing it to take on Bitcoin.
ASIC’s decision to allow Bitcoin as an instrument of payment, the company told the Financial Review, has been met with mixed reactions from the Bitcoin community.
“We welcome the opportunity to continue our discussions with ASIC about the regulation of virtual currency in Australia, including any issues that may arise in the future,” a spokesperson for ASIC told the financial publication.
“ASIC’s regulation of Bitcoin is consistent with our regulatory framework that seeks to minimise any risk to the integrity and reputation of our financial services sector and its users.”
ASIC’s Bitcoin trading licence holder will be able to sell Bitcoin and other virtual currencies to anyone and operate them for a fixed period of time, with ASIC’s compliance costs being paid by the Bitcoin network.
ASIC said it hoped to have a trading licence in place by the end of the year, with more details expected in June.
The organisation has also set up a virtual-markets section of the website ASIC’s website has a virtual market section, where users can buy, sell and trade virtual currencies, as well as a list of existing virtual currencies which are currently available.
The website also includes an API for users to find and use virtual currencies from their own websites, which will also allow users to invest in Bitcoin.
The Australian Securities Commission (ASC) has also been working on Bitcoin regulations ASIC has previously had concerns about virtual currencies being used for money laundering, and has also expressed concern that the technology could lead to financial risks, including fraud.
ASIC is currently looking into the potential for Bitcoin-related financial crimes.
But ASIC has also noted that it is not aware of any financial crimes that have been committed using Bitcoin.
As part of its investigation into the virtual market, ASIC also has a task force examining the potential of virtual-currencies for financial crime.
ASIC also plans to create a regulatory framework to monitor the virtual markets and will also monitor whether Bitcoin is being used as a method of payment for illegal activities.