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Yet another global regulator is speaking out about its attempts to fight fraud in the ICO market. This time, it’s Australia taking the lead.
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Traditional Australian investors have gotten a new alternative for investing in the bitcoin and cryptocurrency markets. A publicly listed firm has launched a fund focusing on the field. Additionally, Digitalx has created a new educational video platform about cryptocurrency.
Digitalx Ltd (ASX: DCC), has launched a new crypto-assets investment fund that will focus primarily on leading cryptocurrencies while allowing diversification with regulated ICO tokens, crypto derivatives, fiat, and managed schemes. Ellerston Capital veteran Tim Davies has been appointed as portfolio manager.
Blockbid is now registered with the Australian Transaction Reports and Analysis Centre (Austrac). This makes it only the third company granted permission to legally operate as a cryptocurrency exchange in Australia since new regulations came about last week.
Austrac has approved an application by cryptocurrency exchange Blockbid, in accordance with the new regulatory powers given to it starting 3 April 2018. The platform’s main differentiating feature compared with most other marketplaces is providing insurance to users against any potential cyber-attacks. It also plans to offer the ability to trade with at least seven different fiat currencies in the next 6-12 months, with four available during an upcoming beta launch.
The InvestDigital ICO illustrates how Australia has become one of the leading ICO targets for tech startups.
When the Chinese government slapped a ban on initial coin offerings (ICOs) in 2017, the cryptocurrency space took a dive on expectations that similar regulatory action would follow from policymakers in other global regions.
As it turned out, these expectations were misplaced.
While we’ve seen certain government actions seek to impose some degree of regulation onto the ICO space, the overarching trend has been one of embrace, as opposed to rejection.