ASIC continues to monitor ICOs

In ASIC’s recently released Corporate Plan for 2018-2022, it has once again highlighted its intention to closely monitor ICOs and cryptocurrency in Australia.

This focus on ICOs and cryptocurrencies fits within one of ASIC’s six broad key focus areas – the potential harms from technology driven by the growing digital environment and structural changes in financial services and markets. In addition, ASIC notes as one of its action areas for 2018-19 a new project of developing its approach to regulating market infrastructure providers to crypto exchanges, as well as monitoring emerging ICO products and intervening where there is poor behaviour and potential harm to consumers and investors.

While the key focus areas and action plans in this Corporate Plan are not necessarily a surprise, that ICOs and cryptocurrencies feature so prominently in a document packed full of key regulatory focus areas and action plans demonstrates the significance that ASIC is attributing to their development.