Wallet providers, exchanges, intermediaries and many other crypto-related businesses may require an Australian Financial Services Licence to handle financial products. The mandatory license will allow Crypto.com to issue crypto debit cards in Australia. If the payment service involves a ‘non-cash payment facility’ a range of Australian laws apply, including the requirement to hold an AFS licence: see Part C and for more information Regulatory Guide 185 Non-cash payment facilities (RG 185). Local authorities in Australia have granted crypto services company Crypto.com an Australian Financial Service License (AFSL). The laws require that a provider of CSF services must hold an AFS licence with authorisation to provide this service. prepare and issue a compliant product disclosure statement (PDS), and comply with other disclosure obligations. In particular, we are not in a position to review a draft white paper and provide a view about the operation of Australian law in individual circumstances. For example, the crypto-asset could contain a self-executing contract involving payment arrangements that are triggered by changes in the relevant price of the underlying product, index or asset. A financial market is a facility through which offers to acquire or dispose of financial products are regularly made. The recent acquisition of The Card Group Pty Ltd enables crypto.com to offer its services to Australians. The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 requires regulated entities to collect information to establish a customer’s identity, monitor transactional activity, and report to AUSTRAC transactions or activity that is suspicious or involves large amounts of cash over $10,000. Securing an Australian Finance Service License is yet another milestone in Crypto.com I'm a company officeholder, what are my registration obligations? 3. Last updated on 14 April, 2021. It is the responsibility of the entities involved to ensure they comply with all relevant Australian laws. It is defined in the Corporations Act and has three elements: As noted above, what is a ‘right’ should be interpreted broadly. There is a transition period until 14 May 2018 to allow current DCE businesses time to register. Cryptocurrency exchanges: Legal, must register with AUSTRAC Cryptocurrencies, digital currencies, and cryptocurrency exchanges are legal in Australia, and the country has been progressive in its implementation of cryptocurrency regulations. The underlying instrument may be, for example, a share, a share price index, a pair of currencies or a commodity (including a crypto-asset). A share is a collection of rights relating to a company. Where it appears that an issuer of an ICO is actually making an offer of a security, the issuer will generally need to prepare a prospectus. New laws for digital currency exchange (DCE) providers operating in Australia have just been implemented by AUSTRAC, Australia’s financial intelligence agency and anti-money laundering and counter-terrorism financing (AML/CTF) regulator. The definition of a financial product in Australia is often broader than in other jurisdictions. For ICOs and crypto-assets that are not financial products, the same prohibitions against misleading or deceptive conduct apply under the Australian Consumer Law. Part F: How do overseas categorisations of crypto-assets translate to the Australian context? The Best Crypto Exchanges for Australia. You must not engage in misleading or deceptive conduct in the course of your business whether a financial product is involved or not: see Part B. If the rights and value of the crypto-asset are related to an arrangement with the three elements described above, the crypto-asset issuer is likely to be offering interests in a managed investment scheme. An intermediary that arranges for the issue of an NCP facility may need an AFS licence, or to act on behalf of an AFS licensee. The terms of the deal for the purchase of The Card Group Pty Ltd were not disclosed. There are specific laws for the CSF regime which reduce the regulatory requirements for public fundraising while maintaining appropriate investor protection measures. For more details about the information a prospectus should contain see Regulatory Guide 228 Prospectuses: Effective disclosure for retail investors (RG 228). When could the coin issued under an ICO be a non-cash payment facility? If an issuer of an ICO is operating a retail managed investment scheme offered to retail investors they will need to: There are a number of regulatory guides (such as Regulatory Guide 133 Funds management and custodial services: Holding assets (RG 133))that also set out obligations that are relevant to the operation of a retail managed investment scheme. There are a range of types of shares that may be issued. HONG KONG, 2nd December, 2020 — Crypto.com is proud to announce that it has secured an Australian Financial Service License (AFSL). This is not an exhaustive discussion of all the relevant Australian laws that apply in relation to an ICO that may involve an NCP facility. On the Go, The sale of cryptocurrency through ICO is regulated in Australia, the Criteria to Particp run an ICO is as follows : Licensing- Any entities carrying a financial business must hold an Australian Financial Service Licence (AFSL). Payment service provider Crypto.com has secured the Australian Financial Service License (AFSL), further advancing the platform’s reach to expand its services to the Australian populace. This was made possible through The Card Group Pty Ltd and has been approved by Australia’s Foreign Investment Review Board. How is crypto tax calculated in Australia? United Kingdom: Offshore Services Group Limited, 60 New Broad St, London New Zealand: Offshore Services Limited, 13 Liverpool St, Epsom, Auckland Bahamas: Offshore Services (Bahamas) Limited, SeaSky Ln, Sandyport, Nassau +1 415 528 2002 or email hello@crypto-licence.com The most common type of security is a share. It is the responsibility of the entities involved to ensure they comply with all relevant Australian laws. If the rights attached to the crypto-asset (which are generally found in the ICO’s ‘white paper’ but may be found in other materials) are similar to rights commonly attached to a share – such as if there appears to be ownership of the body, voting rights in decisions of the body or some right to participate in profits of the body – then it is likely the crypto-asset is a share. Part B: What is misleading or deceptive conduct in relation to an ICO or crypto-asset? Crypto.com, a Hongkong-based company announces that it has finally acquired its Australian Financial Service License. Last Updated on April 13, 2021. What disclosure documents do you need to give potential investors when raising funds? the contributors do not have day-to-day control over the operation of the scheme but, at times, may have voting rights or similar rights. See Part B for more information about what misleading or deceptive conduct is in relation to an ICO or crypto-asset. how the ICO or crypto-asset is marketed to investors). The acquired firm, named The Card Group Pty Ltd, has been described as specializing in… More The post Crypto… If the platform deals in crypto-assets that are financial products, then the platform is operating a market and a range of Australian laws apply, including the requirement to hold an Australian market licence: see Part D and for more information Regulatory Guide 172 Financial markets: Domestic and overseas operators (RG 172). Rights may also be determined from other circumstances (e.g. Finding the best crypto exchange for Australia can be quite tricky these days, as there are so many options to choose from.. We’ve reviewed the top ones looking at factors such as ease of use, fees, trading features and customer support.. Top Cryptocurrency Exchanges Australia. I can gift my crypto and it won’t be taxed. These regulatory requirements are in place to maintain the integrity of Australia’s financial market and ensure consumer protection. Prominent crypto fintech firm Crypto.com has disclosed plans to issue its debit cards in Australia. The license permits the company to commence local issuance of the Crypto.com card in Australia, a press release from the company states. While Australia is known for its positive attitude towards crypto-blockchain startups, the country has strict regulations in place for crypto-focused businesses to operate legally within the nation. The exchange is an Australian-r egulated and registered exchange and holds an Australian Transaction Reports and Analysis Centre (AUSTRAC) license. A debenture is also considered to be a ‘security’ under the Corporations Act. In short, cryptocurrencies are subject to capital gains tax treatment as well as ordinary income, depending on the circumstances of your crypto transactions. “It’s recognised that this reform will help protect their business operations from money laundering and terrorism financing, while regulation will also help strengthen public and consumer confidence in the sector,” she said. Check business name details are up to date, Request an alternative registration period for business name, Steps to transfer a business name to a new owner, Steps to register a business name with a transfer number, ASIC-initiated cancellation of business name. Whether or not a financial product is involved, promoters must always ensure that the ICO does not involve misleading or deceptive conduct or statements. We do not provide any assessment or approval of an entity’s compliance with the law, including in relation to the business model adopted. By law, a prospectus must contain all information that consumers reasonably require to make an informed investment decision. The laws apply to any business with Australian customers, even if the business is based overseas.The Australian Security and Investme… Australia licensed three cryptocurrency exchanges since new regulations came into effect April 3, 2018. LRoS, by becoming the first bitcoin company to get the AFSL license, has reaffirmed Australia’s crypto … This is not an exhaustive discussion of all the relevant Australian laws that apply in relation to providing CSF. Entities and their advisers need to consider all the rights and features of the ICO (regardless of how it is named and marketed) in determining whether the crypto-asset is a financial product or involves a financial product. If tokens stored by your business fall within the definition of a ‘financial product’, you need to ensure you hold the appropriate custodial and depository authorisations: see RG 1. Part A: What should you consider when offering crypto-assets through an ICO? The bundle of rights referred to above may be used to help determine if a token is in fact a security. How ASIC regulates financial services and products and what to do when you have a problem with your finances. P: (02) 9950 0488 For example, it is particularly important to ensure that ongoing disclosures are kept up to date – failure to do so will increase the risk that the offer of the ICO, the ongoing issue of the crypto-asset and/or the information the issuer has provided about the ICO or crypto-asset could mislead or deceive consumers. It is the responsibility of the entities involved to ensure they comply with all relevant Australian laws. are linked to, or reference, crypto-assets. Depending on how transactions in crypto-assets that are financial products are cleared and/or settled, the platform may also be operating a CS facility and require a CS facility licence: see RG 211. Importantly, though an ICO may look similar to an IPO, an ICO may not offer the same protections to consumers and may result in liability for the issuer and those involved in the ICO. When can you raise funds without a disclosure document? This part provides a non-exhaustive list of items to consider when offering an ICO. Sounds like a nice idea, but it leaves all sorts of tax … A managed investment scheme is a form of collective investment vehicle. If the scheme is not a managed investment scheme, it may involve a security or other financial product discussed below. Information sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance. It is the responsibility of the entities involved to ensure they comply with all relevant Australian laws. Crypto.com has announced receiving an Australian Financial Service License (AFSL) in order to issue debit cards to the residents of Australia. Debentures are a way for businesses to raise money from investors. Fundraising restrictions on advertising and cold calling, Consolidation of fundraising instruments and guidance, Public comment on ASIC's regulatory activities, Private court proceedings - ASIC involvement, Recovery of investigation expenses and costs, Lawful disruption of access to online services. if it lists on the ASX) then this may be an option, which is also a security. It is not permissible for the issuer, as trustee of the wholesale managed investment scheme, to rely on a corporate authorised representative appointment from another AFS licensee in order to issue interests in the scheme – as the issuer would not be ‘acting on behalf’ of the AFS licensee but rather issuing interests in the wholesale scheme as trustee in its own right. Terms of the acquisition have not been disclosed. Our experience suggests that many ICOs may be, or involve, interests in a managed investment scheme. Such offers of securities that are shares are often described as initial public offerings (IPOs). To operate in Australia, the platform operator will need to hold an Australian market licence unless covered by an exemption. Everything you need to know about the areas we regulate. Conduct that may be misleading or deceptive to consumers can include: We have been delegated powers from the ACCC to, in coordination with the ACCC, respond to potentially misleading or deceptive conduct relating to crypto-assets which affect Australian consumers. This is not an exhaustive discussion of all the relevant Australian laws that apply in relation to an ICO involving a derivative. Australian law prohibits misleading or deceptive conduct in a range of circumstances, including in trade or commerce, in connection with financial services, and in relation to a financial product. We pay our respects to the people, the cultures and the elders, past and present and emerging. using funds raised from contributors to develop the platform), for purposes that include producing a financial benefit for contributors (e.g. AUD AED AUD BRL CAD CHF CNY EUR GBP INR IRR ISK JPY KRW MXN NOK NZD PHP SGD USD ZAR # Crypto.com announced today that it was successfully granted a license by the Australian Financial Service License (AFSL), which now allows it to extend its card network down under. If the value of the crypto-assets acquired is affected by the pooling of funds from contributors, or the use of those funds under the arrangement, then the ICO is likely to be a managed investment scheme. This is Information Sheet 225 (INFO 225) updated in May 2019. About us, how we regulate and the laws we administer. Part D: When could a crypto-asset trading platform become a financial market? Entities can do so by seeking professional advice (including legal advice) on all the facts and circumstances of the issue or sale of the ICO, not just a part of the sale. If you are an individual or institution interested in participating in ICOs and acquiring crypto-assets, you can read information and warnings about ICOs on ASIC’s MoneySmart website. Crypto Licence Authority. The rights attached to the crypto-assets issued under an ICO are a key consideration in assessing its legal status as a financial product. AUSTRAC acknowledges the traditional owners and custodians of country throughout Australia and acknowledges their continuing connection to land, sea and community. For general information on NCP facilities, including the low-value exemption that can apply, see RG 185. The information in this publication should not be considered legal advice. An ICO may involve a derivative if it involves a crypto-asset that is priced based on factors such as the price of another financial product, underlying market index or asset price moving in a certain direction before a time or event which resulted in a payment being required as part of the rights or obligations attached to the crypto-asset. This type of facility can be a financial product which requires an AFS licence if payments can be made to more than one person. Crowd funding using an ICO is not the same as ‘crowd-sourced funding’ (CSF) regulated by the Corporations Act. In some cases, ICO issuers may frame the entitlements received by contributors as a receipt for a purchased service. This part discusses each of these financial products. It is important to always consider the particular rights and features of an individual ICO or crypto-asset in relation to Australian law to determine whether it is regulated as a financial product: see Part C. Entities that have specific requests or questions about an ICO or crypto-asset may contact our Innovation Hub or their existing ASIC contact. Rights that may arise in the future or on a contingency, and rights that are not legally enforceable, are included. Effective immediately, DCEs with a business operation located in Australia must now register with AUSTRAC and meet the Government’s AML/CTF compliance and reporting obligations. For ICOs and crypto-assets that are financial products, the ASIC Act and the Corporations Act include prohibitions against misleading or deceptive conduct. Crypto-assets such as tokens offered under an ICO are unlikely to be NCP facilities – though they may be a form of value that is used to make a payment (instead of physical currency). This information sheet answers the following questions: For a discussion of distributed ledger technology see Information Sheet 219 Evaluating distributed ledger technology (INFO 219). Pesabase, a Kenyan-based remittance service in the crypto space, has secured a registration with the Australian regulator, Austrac, for remittance transfers from Australia to Africa.. Generally, a prospectus should include audited financial information. Where miners and transaction processors are part of the clearing and settlement (CS) process for tokens that are financial products Australian laws apply: see Regulatory Guide 211 Clearing and settlement facilities: Australian and overseas operators (RG 211). In a tweet, Pesabase said that it was excited to have successfully registered with the Australian regulator and is … A low tax rate, reasonable fee, and extremely close ties to the UK make this a great “under the radar” jurisdiction for securing a crypto license. Where a crypto-asset is a financial product (whether it is an interest in a managed investment scheme, security, derivative or NCP facility), then any platform that enables consumers to buy (or be issued) or sell these crypto-assets may involve the operation of a financial market. Investing in ICOs – ASIC’s MoneySmart website, you are considering raising funds through an initial coin offering (ICO), or. “The information that these businesses will collect and report to AUSTRAC will have immediate benefit in the fight against serious crime and terrorism financing,” Ms Rose said. Information about applying for and maintaining your licence or professional registration. utility tokens and exchange tokens). The principal membership means Crypto.com is able to directly offer the Visa card in Australia, a factor it says allows the firm to "have a direct relationship with cardholders." Entities may propose to issue financial products that: If so, the entities will be providing a financial service in issuing such financial products and may require a new AFS licence or licence variation (such as a new product authorisation). NOPE! your business is involved with crypto-assets such as cryptocurrency, tokens or stable coins. The new AML/CTF laws cover for the first time regulation of service providers of cryptocurrencies, including bitcoin. Crypto.com is proud to announce that it has secured an Australian Financial Service License (AFSL). The exchange is also KYC/AML compliant. If the crypto-asset gives the purchaser a right to acquire shares in the company at a time in the future (e.g. When could an ICO be an offer of a derivative? suggesting that the ICO or crypto-asset is a regulated product or the regulator has approved the ICO or crypto-asset if that is not the case. establish a constitution and compliance plan, obtain an AFS licence to act as a responsible entity, and. However, it does not cover Australian legislation administered by other regulators who oversee ICOs and crypto-assets – such as the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Taxation Office (ATO). You can be liable for both capital gains and income tax depending on the type of cryptocurrency transaction, and your invididual circumstances. Part C: When could an ICO be or involve a financial product? AUSTRAC CEO Nicole Rose PSM said the new laws will strengthen the agency’s compliance and intelligence capabilities to help DCEs implement systems and controls that can minimise the risk of criminals using them for money laundering, terrorism financing and cybercrime. Regulatory Guide 234 Advertising financial products and services (including credit): Good practice guidance (RG 234) contains guidance to help businesses comply with their legal obligations not to make false or misleading statements or engage in misleading or deceptive conduct. otherwise enable consumers to have exposure to crypto-assets. Hong Kong-based Crypto.com has secured an Australian Financial Service License through its acquisition of a firm called The Card Group Pty Ltd. Crypto.com Secures an Australian Financial Service License Preparations underway to issue cards in Australia HONG KONG, 30 November, 2020 — Crypto.com is proud to announce that it has secured an Australian Financial Service License (AFSL). For those entities that may want to apply for a new AFS licence or a licence variation: Where a financial product is to be exchange-listed, we expect licensed Australian market operators will play an important gatekeeper role in ensuring the suitability of issuers and the products they are permitted to list and trade on their markets. Australian laws and regulations that prohibit misleading or deceptive conduct may apply even if an interest in an ICO or crypto-asset is issued, traded or sold offshore. This is particularly the case when the ICO is offered as an investment. The company, which already has Australian users, said the acquisition will allow them to roll out their suite of services already available in international markets. This license was made possible by its acquisition of The Card Group Pty Ltd. Anyone who operates a financial market in Australia must obtain a licence to do so or otherwise be exempted by the Minister. If you are giving advice, dealing, or providing other intermediary services for crypto-assets that are financial products a range of Australian laws apply, including the requirement to hold an AFS licence: see Part C and for more information Regulatory Guide 36 Licensing: Financial product advice and dealing (RG 36). This includes ensuring that all the information they provide to consumers, regardless of the media they use, complies with relevant laws including the Corporations Act, ASIC Act and the Australian Consumer Law, as well as anti-money laundering (AML) and know your client (KYC) obligations. Offering, advising about, making a market for, providing custodial or depository services for, and dealing in, crypto-assets that are securities or other financial products may also attract specific AFS licensing requirements and other regulatory requirements. Crypto.com recently obtained an Australian Financial Service License (AFSL). 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