Some types of tokenization in Australia will be regulated through the current regulatory regime, while others will be regulated through the Government’s digital asset platform proposal.
ASIC Commissioner Alan Kirkland highlighted the need to solve the “regulatory trilemma” when it comes to financial innovations, such as consumer protection, market integrity and encouraging financial innovation.
The ASIC aims to foster trust for crypto and decentralized financial systems by improving oversight and balancing the trilemma factors. According to the commissioner, the ASIC has provided informal regulatory assistance to over 900 entities since 2016.“In short, our desired outcome is a clear set of rules that maintain market integrity and mitigate the risks to consumers and investors – backed by mechanisms that promote compliance with these rules and enable us to enforce them effectively.
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