The notice said the Statement of Principles is relevant to the BMA's decisions on whether to authorise a digital asset issuance and whether to revoke or restrict an authorisation. As such, the statement considers and details the factors underlying the interpretation of each of the minimum authorisation criteria under the Digital Asset Issuance Act 2020.
The rules provide requirements as to digital asset issuance should be conducted, including details of:
- required information;
- ongoing disclosure and other requirements;
- information technology and cybersecurity;
- custody of assets;
- compliance measures; and
- exemptions.
Specific feedback is sought on:
- the definition of local issuer;
- the types of custody arrangements seen in digital asset issuances; and
- the availability and cost of technology systems to support the requirements of the Rules.
Responses should be received by 20 July 2020.