Digital asset ‘Safe Harbour’ and Digital Asset Taskforce: Mills Oakley makes submission to ASIC Consultation Paper 343 & Senate Select Committee on Australia as a Technology & Financial Centre

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By Mark Bland, Partner and Joni Pirovich, Special Counsel

Mills Oakley provided a submission about a minimum digital asset policy framework to ASIC and the Senate Committee on Australia as a Technology and Financial Centre. We have proposed a Safe Harbour that well-intentioned digital asset projects could apply for which would promote legal certainty and protections for retail investors, and a Digital Asset Taskforce to design, implement and administer the Safe Harbour.  We have also provided our responses to ASIC’s questions about digital asset exchange traded products.

Our cover letter notes that our submission has been peer reviewed by Blockchain Australia, key industry players including specialist lawyers and technologists, a large digital currency exchange and a digital asset custodian. We are grateful for their peer review and feedback.

Annexure A is a Briefing Note that puts forward a well-developed proposal for a Safe Harbour and Digital Asset Taskforce, as well as a detailed explanation of some of the key issues for guidance on how the existing law applies versus matters for policy.

Annexure B responds to the questions in ASIC’s Consultation Paper 343.

Given the breadth and extent of our submission, as well as the level of peer review obtained, we welcome the opportunity to walk ASIC, the Committee, and interested industry participants through our submission and proposals.

For further information, please do not hesitate to contact us.

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