By Jim Bulling and Felix Charlesworth
On 28 September 2017, the Australian Securities and Investments Commission (ASIC) released Information Sheet 225 which provides its view on initial coin offerings (ICOs) and their application in relation to the Corporations Act 2001 (Cth).
On 14 September the Securities Commission Malaysia (SC) announced that it has signed a series of FinTech cooperation agreements with several regulators in major financial centres. The SC has established FinTech bridges with the Hong Kong Securities and Futures Commission (SFC), the Dubai Financial Services Authority (DFSA) and the Monetary Authority of Singapore (MAS). This follows the first agreement signed between the SC and the Australian Securities and Investments Commission (ASIC) in June 2017.
By Jim Bulling and Felix Charlesworth
The Federal Government has released a consultation paper entitled ‘The Digital Economy: Opening up the Conversation.‘
The consultation paper invites all interested parties across the private and public sectors to contribute to and assist with the development of the Australian Government’s Digital Economy Strategy (Strategy). The Strategy will be launched mid-way through 2018. The Government estimates that adopting a strategy which embraces the emergence of the digital economy could boost the economy by $140 billion to $250 billion over the next 8 years.
Treasurer Scott Morrison has introduced legislation into the Australian Parliament to remove the double taxation of digital currency.
By Jim Bulling, Daniel Knight and Felix Charlesworth
The Australian Securities and Investments Commission (ASIC) has announced that will begin accepting applications under its new crowd sourced funding (CSF) regime from 29 September 2017 onwards. From this date, applications can be submitted via the existing ASIC ‘eLicensing’ portal.
In preparation for the commencement of the CSF regime, ASIC has released an information sheet outlining:
During the period between 29 September 2017 and 27 October 2017, ASIC will assess applications lodged on similar dates in ‘batches.’ Successful applications from each batch will progress broadly at the same time. Incomplete or inadequate applications lodged during this period may be refused or placed in later application batches. Applications which are lodged from 27 October 2017 onwards will be considered individually as soon as possible.
By Michelle Chasser and Felix Charlesworth
On Thursday 17 August 2017, the Minister for Justice tabled the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 (Bill).
The Bill will extend the Australian AML regime to cover digital currency exchange providers. Currently the AML regime applies only to ‘e-currencies’ which are backed by physical things such as bullion or precious metals while digital currencies backed by a cryptographic algorithm such as Bitcoin are excluded. The Bill repeals the definition of ‘e-currency’ and replaces it with the broader term ‘digital currency’ which is defined as a digital representation of value that:
By Jim Bulling and Felix Charlesworth
On 15 August 2017, the Australian Prudential Regulating Authority (APRA) published a discussion paper entitled ‘Licensing: A phased approach to authorising new entrants to the banking industry‘. The Discussion Paper proposes changes to APRA’s licensing framework with the introduction of a new restricted ADI licences regime.
This phased approach enables entrants who require time to build resources and capabilities, such as fintech start-ups, to conduct banking related business by reducing conventional barriers to entry such as the requirement to hold at least $50 million in start-up capital.
By Jim Bulling, Michelle Chasser and Daniel Knight
The Australian Securities and Investments Commission (ASIC) has published Consultation Paper 289 Crowd-sourced funding: Guide for intermediaries. CP 289 includes a draft Regulatory Guide outlining ASIC’s proposed guidance for crowd-sourced funding platform operators (CSF intermediaries) who can apply to ASIC for a licence from 29 September 2017, including an explanation of the new Corporations Amendment (Crowd-sourced Funding) Regulations 2017.
By Jim Bulling, Michelle Chasser and Daniel Knight
While the Australian government considers including private companies in the crowd-sourced funding (CSF) regime, the Australian Securities and Investments Commission (ASIC) has published Consultation Paper 288 Crowd-sourced funding: Guide for public companies. CP 288 includes a draft Regulatory Guide outlining ASIC’s proposed guidance for public companies which will raise funds through the CSF regime from 28 September 2017, including an explanation of the new Corporations Amendment (Crowd-sourced Funding) Regulations 2017.
By Jim Bulling and Michelle Chasser
The Australian Treasury has announced an independent review into open banking in Australia. Open banking will require banks to share product and customer data with customers and third parties with the consent of the customer. The Government previously announced that the open banking regime would be introduced in 2018 to help customers seek more suitable products and increase competition.
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