Cryptocurrency Sector In Australia Is Under Scrutiny

Australia may not be one of the biggest markets for Bitcoin (BTC) and other cryptocurrencies, but it is a growing one. As it stands, Australia is ranked 11th globally for BTC volume by currency.

In its annual report, the Australian national regulator revealed that consumers have lost over $ 2.1 million from Scam ICO projects and fraud associated with investments in cryptocurrency.

The Australian cryptocurrency sector is under the scrutiny of the financial regulator of the country. In its corporate action plan for 2018-2022 published on Friday, the Australian Securities and Investments Commission (ASIC) said it will closely monitor the domestic crypto-exchange markets and initial coin offering (ICO).

At present, Australia’s crypto-exchange markets are obliged to comply with the standards of know-your-customer (KYC) and anti-money laundering (AML), established by the country’s financial intelligence agency, the Australian Transaction Reports and Analysis Centre (AUSTRAC). However, there is still no corresponding regulation for crypto-exchanges issued by the Australian Securities and Investment Commission (ASIC).

The Corporate Action Plan of the Australian Securities and Investment Commission appeared the same week when the Australian technology solutions provider Byte Power Group (BPG) responded to numerous requests from the Australian Securities Exchange (ASX) about its plan to raise $ 15 million through the initial coin offering (ICO) for the launch of a crypto exchange.