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AUSTRALIAN REGULATORS REQUESTS FOR MORE COOPERATION WITH CRYPTO FIRMS

The Australian Securities and Investments Commission, ASIC requests for more cooperation with crypto firms to work together, but the industry executive are confused about their duties while crypto firms say rules are unclear.

However, the ASIC has urged the local crypto and Blockchain firms to work with regulators to help them build innovations in the region. Senior advisor of strategic intelligence at ASIC, Jonathan Hatch, spoke at a Blockchain conference on Monday,19th April, Explained that the regulator is trying to foster a mutual relationship with the crypto industry.

Kevin Saunders, the CIO of the Monochrome Asset Management, clearly highlighted that while the Blockchain sector adjusts to comprehend the ASIC regulatory framework, the ASIC needs to provide clarity in other for effective compliance from the industry.

Saunders pointed specifically at the capacity of existing regulations, characterizing the industry’s oversight as “too ephemeral for large institutions to engage with it”.

National Blockchain Roadmap lead, Chloe White comment on the challenges in the sector agrees that it’s a bit difficult for stakeholders to adjust to the current regulatory situation.

Instead of stifling emerging industries with heavy-handed regulations, it’s better to collaborate and support new technologies, Says Justin Amos, CEO of digital financial agreement from Lygon 1B.

In late March 2020, the Australian government had made available two grants of up to $3 million to support Blockchain projects targeting minerals certification and excise taxation solutions.

The Reserve Bank of Australia (RBA) disclosed its partnerships with the Commonwealth Bank, National Australia Bank, financial services company perpetual, and Ethereum software firm to explore the potential use of the Central Bank digital currency.

As predicted in January 2021, Australia would be one of the first five nations to launch a CBDC due to its favourable Blockchain environment.

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