Crypto regulations update: Hong Kong pushes for regulations while Australia releases new ICO and mining rules

The regulator in charge of cryptocurrency regulations in Hong Kong, The Securities and Futures Commission (SFC)has recently that it has concerns with the existing regulations especially those used in fighting fraud in the cryptocurrency industry according to a local news agency The Standard on May 30. The regulators’ law enforcement chief, Thomas Atkinson had already pin pointed out the issues limiting the current regulations especially when it comes to initial coin offerings (ICOs) and crypto trading activity.

The official has called upon the local authorities as well as lawmakers to come up with more direct rules to govern the crypto space and fight fraud in the industry that is still very vulnerable.

In other news, the Australian Securities and Investment Commission (ASIC) has released new ICO and crypto guidelines. The new rules also touch on miners of cryptocurrencies.

“Where miners and transaction processors are part of the clearing and settlement (CS) process for tokens that are financial products Australian laws apply.”

The new guidelines describe crypto asset as a financial product and therefore any firm with intentions to issue the crypto assets or deal with them requires to seek a license from the regulators in the country.

“Businesses offering crypto-assets, or offering services in relation to crypto assets, need to undertake appropriate inquiries to satisfy themselves they are complying with all relevant Australian laws.”