Byte Power Group (BPG) Aiming for $15 Mln ICO For Crypto Exchange Addresses Regulatory Scrutiny

Byte Power Group (BPG), the Australian company planning to release the nation’s first cryptocurrency exchange utilizing an ICO, reacted to regulatory pressure with new data about its plans Wednesday, September 5.

In an announcement to the Australian Securities Exchange (ASX), BPG tended to concerns the regulator raised a month ago as subtle elements of the fundraising ended up open.

BPG has since started offering its BPX tokens, planning to raise $15 million to build the exchange, whereupon clients will have the capacity to utilize the tokens to pay expenses in a way like that of fellow exchange Binance.
On August 1, the ASX sent correspondence to administrators with inquiries on different parts of its future activities, including regardless of whether BPX tokens constituted securities under Australian law.

In view of “legal advice,” it got, BPG answered Wednesday that the tokens are not financial products.” In an announcement tending to a sum of 17 queries, the company writes,

“The offer of BPX tokens does not constitute an offer to issue one or more securities […] derivatives or any other kind of financial product.”

The reactions additionally included an affirmation of BPG’s requirements to enroll as a reporting authority with the Australian Transaction Reports and Analysis Center (AUSTRAC), and also receive an anti-money laundering (AML) system and hold fast to know-your-customer (KYC) statutes.

Australia has customarily been a hazardous purview for cryptocurrency organizations because of a fierce regulatory scene, which many consider unjustifiably one-sided against their interests in the terms of tax collection.

In any case, this year has seen different international exchange administrators invest into the domestic markets, incorporating China’s Huobi in July.