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Australian Crypto currency Exchanges regulated?

Discussion in 'Forex and Cryptocurrencies' started by mjim, Jan 24, 2018.

  1. mjim

    mjim

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    Today I attended a webinar by an Australian based ( AFSL) spruiker of "Trading Education"
    topic was Crypto currency trading.
    The usual sales BS pitch about how bullish things have been etc in which I think he was using both the various currencies and some companies associated with crypto currency ad are perhaps lasted on a exchange
    First thing I did was to see if any companies labelled as crypto currency "Exchanges" are regulated or not!
    One of the "exchanges" support openly said this "...At present, ASIC does not recognise bitcoin and other cryptocurrencies as financial products and so they do not offer this license to cryptocurrency exchange service providers. Despite our desire to be licensed at present it is not possible in the same way that all other cryptocurrency exchanges are not licensed by ASIC. Mid 2018 ASIC will be implementing regulation like this in which we will follow strictly and with great motivation so that we may offer the best service to our customers.

    Regulation we do follow at present includes the AML Anti Money Laundering and KYC policies that are required of other financial institutions. We take this very seriously."

    WOW so in front of ASIC these so called exchanges operate where people can trade a financial product , becasue no matter what you say real $ are exchanged for these coins . so it is a financial product! anybody knows anything about this!
     
  2. So_Cynical

    So_Cynical The Contrarian Averager

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    This was and is still part of the attraction of alt coins, a world of no regulations where you can just do it, make **** up as you go..
     
  3. moXJO

    moXJO menace to society

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    Its like the wild west.
    The huge amounts of money pouring in is amazing.
     
  4. Joules MM1

    Joules MM1 ....everything has an art

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    so not overhyped then? https://twitter.com/i/moments/956621031342530562

    i guess when vox pop start wearing iron ore it'll be time to get out of those resource stocks...again
     
  5. skyQuake

    skyQuake

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    I believe legislation is coming in April. For once its the exchanges demanding legislation to remove uncertainity
     
  6. moXJO

    moXJO menace to society

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    Thats a bullish sign. Now millions more airheads are aware.
     
  7. mjim

    mjim

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    so as of today It seems the only Centrally cleared venue in a reputable (NON OTC) way of trading this is CME/CBOE futures on some sort of Crypto currency Index! not the currency itself
    What about this one? GDAX does not seems to be regulated by CFTC?
    If Mt Gox happens what will happen to the $ invested?
    Soon I guess there will be OTC CFD based BTC/USD!
    but reputable trading platforms like TT seems to be getting in to the business of trade facilitation!
    so is CQG via https://www.bcause.com/ but not yet regulated by CFTC
    Am I missing something?
     
    Last edited: Jan 27, 2018
  8. skyQuake

    skyQuake

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    "Not your private key, not your coins"
    Several Japanese exchanges are regulated by Japan's version of ASIC, except the one that got hacked lol
    In this game with multiple unregulated exchanges its still best to keep the majority of your cryptos in your own wallets
     
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