The Corporations Act is a primary piece of legislation that governs companies and financial markets within Australia. It sets out the legal framework for company formation, operation, governance, and dissolution. This act ensures proper conduct and transparency for entities involved in financial services and corporate activities. Its provisions extend to how businesses issue securities and interact with investors.
Context
The Corporations Act is a central reference point in discussions regarding the classification and regulation of digital assets in Australia. Debates concern whether certain tokens fall under its existing definitions of financial products, thereby subjecting them to traditional corporate governance and disclosure rules. A critical future development involves potential amendments or interpretations of the Act to explicitly address novel digital asset structures, aiming for greater regulatory clarity.
Australia's Draft Bill mandates an AFSL for all custodial digital asset platforms, fundamentally restructuring compliance obligations for market access.
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