The Australian Securities and Investment Commission (ASIC) is looking to focus more on protecting consumers from digital assets and cyber crimes. The market regulator has published part of its “Corporate Plan” for 2022-2026, highlighting digital assets regulations as part of its core strategic projects for 2022-2023.
In the document published by the office of ASIC Chair Joseph Longo, the regulator stated that it recognizes the changing regulatory climate with the introduction of innovations. These innovations, which include digital assets, have come with new threats to investors.
The ASIC states that it is committed to taking action to protect investors from these harms, especially the ones posed by digital assets. However, it intends to do this in a way that will not drive away innovation.
“ASIC will take action to protect investors from harms posed by crypto-assets that fall within our remit. We are committed to using the full range of our powers to preserve the integrity of the Australian financial markets,” the report said.
A few actions it intends to take include supporting the development of an effective regulatory framework focused on consumer protection in collaboration with the Department of the Treasury, taking enforcement actions to protect consumers, and supervising Product Disclosure Statements.
The ASIC added that it plans to implement a regulatory model for digital assets exchange-traded products (ETPs), raise public awareness of risks inherent…
