ASIC Clarifies Digital Asset Guidance With 13 Examples and New 'Token' Definition
The Australian Securities and Investments Commission (ASIC) has deviated from its standard practice by providing 13 comprehensive examples to elucidate its guidance on digital assets. The commission is now soliciting public input on its revised guidance, which includes a novel definition for 'token'.
ASIC ordinarily refrains from offering specific examples in its guidance. Nevertheless, it has now furnished 13 examples to assist industry participants in comprehending its expectations concerning digital assets. These examples span a variety of scenarios, encompassing initial coin offerings (ICOs), security token offerings (STOs), and other token-based fundraising endeavors.
In its updated guidance, ASIC has also introduced a new definition for 'token'. It posits that a token is inseparable from its associated rights and features when traded on a digital asset or crypto platform. This implies that the rights appended to a token, such as voting rights or dividends, are intrinsic to its value and functionality. The original examples for digital securities in the ASIC guidelines were crafted by ASIC itself as part of its regulatory framework for crypto-assets categorized as financial products.
ASIC's updated guidance and provision of detailed examples aspire to furnish clarity for industry participants operating in the digital asset sphere. The commission is inviting feedback on its updated guidance to ensure it remains pertinent and effective in regulating the evolving digital asset terrain.
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