ASIC promises crackdowns on dodgy crypto operations

Crypto businesses that flaunt the law and leave unsuspecting investors out of pocket will be a top target for the corporate regulator, which is responding to a 600 per cent rise in complaints in the last three years.

alleging a crypto offering is an unlicensed financial product, suing Gold Coast-based BPS Financial, the owner and operator of Block Trade Exchange and issuer of Qoin.from offering or distributing three crypto funds to retail investors because of non-compliant target market determinations. John Moss, deputy chief executive officer, intelligence, at AUSTRAC, said the existing suspicious reporting around DCE, or digital currency exchanges, is delivering his organisation new leads.

He said transfers on behalf of the customer, the financial services that facilitate the ecosystem, and the safekeeping of assets themselves need to be included in the federal standards on dealing with digital assets. The World Economic Forum has said that in five years, 10 per cent of global GDP will be tokenised on blockchains.“Not only will shares, real estate, carbon credits be tokenised, which will represent the ownership of those assets, we can tokenise in-ground materials as well,” said Talis Putnins, a professor of finance at the University of Technology Sydney.

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