16 Dec 2014
Australian Regulator: Bitcoin is not a financial product – CoinDesk
FXStreet (Barcelona) - The CoinDesk Analysis Team highlights the Australian Securities and Investments Commission’s (ASIC) comments that digital currencies are not a financial product and its holders require no license to trade or hold them.
Key Quotes
“Digital currencies are not a financial product and operators do not need licenses to trade or hold them, the Australian Securities and Investments Commission (ASIC) has said.”
“Additionally, an operator does not require a license to provide advice to others in relation to digital currencies, or to arrange for others to buy and sell them.”
“ASIC's comments are contained within a 32-page submission to the ongoing Australian Senate inquiry into digital currency.”
“Like the Australian Tax Office's ruling in August, ASIC's submission is regarded as temporary until such time as the federal government is able to clarify the issue with formal legislation.”
“The commission is Australia's principle corporate regulator, tasked with protecting the interests of investors and financial consumers”
“Businesses connecting digital currencies to the fiat world, or other legally defined financial products, will still require market or financial services licences.”
“The commission further explained that this was because the service is a minor part of a wider unregulated business, and that requiring a license may lead consumers to assume the entire business was ASIC regulated.”
Key Quotes
“Digital currencies are not a financial product and operators do not need licenses to trade or hold them, the Australian Securities and Investments Commission (ASIC) has said.”
“Additionally, an operator does not require a license to provide advice to others in relation to digital currencies, or to arrange for others to buy and sell them.”
“ASIC's comments are contained within a 32-page submission to the ongoing Australian Senate inquiry into digital currency.”
“Like the Australian Tax Office's ruling in August, ASIC's submission is regarded as temporary until such time as the federal government is able to clarify the issue with formal legislation.”
“The commission is Australia's principle corporate regulator, tasked with protecting the interests of investors and financial consumers”
“Businesses connecting digital currencies to the fiat world, or other legally defined financial products, will still require market or financial services licences.”
“The commission further explained that this was because the service is a minor part of a wider unregulated business, and that requiring a license may lead consumers to assume the entire business was ASIC regulated.”