ASIC’s Crypto Focus Comes as Enforcement and Licensing Plans Advance

[cryptohog]

ASIC’s emphasis on digital assets comes amid ongoing enforcement actions and proposed reforms to formally regulate crypto companies in Australia.

On Tuesday, a federal court ordered BPS Financial to pay 14 million Australian dollars ($9.3 million) over misleading claims and unlicensed conduct linked to its Qoin Wallet product. The case underscores ASIC’s focus on unlicensed crypto activity.

Meanwhile, Australia’s Treasury has proposed legislation requiring digital asset platforms to hold an Australian Financial Services Licence. If passed, the rules would bring crypto trading and custody firms under ASIC’s existing conduct, disclosure and risk management obligations.