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!
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!