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ASIC has released CP 301, a consultation paper which proposes a modified licensing regime (in place of the current FFSP relief available for FFSPs in certain jurisdictions) for foreign financial services providers carrying on a financial services business in Australia, with submissions due by 31 July 2018. Background In 2003, ASIC issued class order relief that conditionally exempted FFSPs regulated by sufficiently equivalent regulatory regimes from the requirement to hold an AFS licence when…
Increasingly, clients are coming to us for regulatory advice surrounding the mining of cryptocurrency tokens, operating digital currency exchanges, raising funds through Initial Coin Offerings, and investments involving cryptocurrencies. On the heels of such heightened interest in investing in cryptocurrencies, the Australian Securities Exchange (ASX) has released their guidance with respect to Listed Investment Companies (LICs), Listed Investment Trusts (LITs) and Exchange Traded Funds (ETFs) that wish to invest in and hold cryptocurrencies as underlying…