The Australian Securities and Investments Commission is preparing for the rapid growth of the crypto-asset market

According to CCN, the Australian Securities and Investments Commission (ASIC) is preparing for the rapid growth of the crypto-asset market. An ASIC spokesperson said regulators have seen a “significant increase in cryptocurrency transactions” in recent days, prompting regulators to prepare for further market expansion. The spokesperson also revealed that ASIC is actively "sharing information with domestic and international regulators", involving "taxes, anti-money laundering, payment systems and financial activities" related to encrypted assets. On May 30, ASIC updated its website information for use by companies considering or participating in ICO and cryptographic assets. The spokesperson said that the Australian cryptocurrency department actively accepted these guidelines and stated: "Companies and companies seeking legal operations and distinguishing them from fraudulent operators who are keen on using crypto assets to speculate are generally welcome to the updated guidelines. ASIC requires cryptocurrency issuers and intermediaries that process financial products to hold Australian Financial Services (AFS) licenses. Exchanges and trading platforms engaged in trading of financial products must hold an Australian market license and may also hold a clearing and settlement facility license under the exchange's settlement process. The spokesman also pointed out that the Australian cryptocurrency trading platform is not directly regulated by ASIC. Therefore, he warned that once the exchange collapsed or was hacked, the consumer's recourse was limited and stressed that investors had lost "a lot of actual funds" in the past.