Legality of virtual stock exchanges – ASIC makes a call

Massively’s Tateru Nino has written about the legality of virtual stock exchanges, including Second Life’s World Stock Exchange run by Australian Luke Connell.

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ASIC is Australia’s financial market watchdog and their view on virtual stock exchanges is that they don’t fall under their purview – but that Fair Trading entities may scrutinise any claims of such markets being touted as only a game. As Tateru states in her piece, “There’s no real difference, of course, in a bank or stock exchange that deals over the Web, over the telephone or in a virtual world”. It’s hard to see the logic in the opposing viewpoint, however it appears that some virtual exchanges have a vested interest in claiming it’s all a game. It’s increasingly appearing that such a claim isn’t even a defence from a legal viewpoint.

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