# Australian Crypto currency Exchanges regulated?



## mjim (24 January 2018)

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!


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## So_Cynical (24 January 2018)

This was and is still part of the attraction of alt coins, a world of no regulations where you can just do it, make **** up as you go..


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## moXJO (25 January 2018)

So_Cynical said:


> This was and is still part of the attraction of alt coins, a world of no regulations where you can just do it, make **** up as you go..



Its like the wild west. 
The huge amounts of money pouring in is amazing.


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## Joules MM1 (26 January 2018)

moXJO said:


> Its like the wild west.
> The huge amounts of money pouring in is amazing.




so not overhyped then? https://twitter.com/i/moments/956621031342530562

i guess when vox pop start wearing iron ore it'll be time to get out of those resource stocks...again


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## skyQuake (26 January 2018)

I believe legislation is coming in April. For once its the exchanges demanding legislation to remove uncertainity


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## moXJO (26 January 2018)

Joules MM1 said:


> so not overhyped then? https://twitter.com/i/moments/956621031342530562
> 
> i guess when vox pop start wearing iron ore it'll be time to get out of those resource stocks...again



Thats a bullish sign. Now millions more airheads are aware.


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## mjim (27 January 2018)

skyQuake said:


> I believe legislation is coming in April. For once its the exchanges demanding legislation to remove uncertainity



so as of today It seems the only Centrally cleared venue in a reputable (NON OTC) way of trading this is CME/CBOE futures on some sort of Crypto currency Index! not the currency itself
What about this one? GDAX does not seems to be regulated by CFTC?
If Mt Gox happens what will happen to the $ invested?
Soon I guess there will be OTC CFD based BTC/USD!
but reputable trading platforms like TT seems to be getting in to the business of trade facilitation!
so is CQG via https://www.bcause.com/ but not yet regulated by CFTC
Am I missing something?


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## skyQuake (28 January 2018)

mjim said:


> so as of today It seems the only Centrally cleared venue in a reputable (NON OTC) way of trading this is CME/CBOE futures on some sort of Crypto currency Index! not the currency itself
> What about this one? GDAX does not seems to be regulated by CFTC?
> If Mt Gox happens what will happen to the $ invested?
> Soon I guess there will be OTC CFD based BTC/USD!
> ...




"Not your private key, not your coins"
Several Japanese exchanges are regulated by Japan's version of ASIC, except the one that got hacked lol
In this game with multiple unregulated exchanges its still best to keep the majority of your cryptos in your own wallets


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