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The crypto industry has gained a lot of exposure in recent months as regulators worldwide hasten to regulate the industry. The Australian Securities and Investments Commission (ASIC) has expressed its desire to support the local crypto industry, noting the challenges associated with regulating innovative technologies. Australian regulator is keen on supporting the crypto industry by putting out proper regulations. Bitcoin has witnessed a massive winning rally this year as it continues to attract more big players.
ASIC aims to improve the performance of the financial system.
Speaking as part of a panel during Australian Blockchain Week on April 22, ASIC commissioner Cathie Armour described the regulator’s objectives as working to “maintain, facilitate and improve the performance of [Australia’s] financial system and the firms that operate within it,” while also ensuring that “all investors and consumers have the confidence the participate in the system.” Cathie added, “When we’re talking about innovations like [DLT], or new products like various crypto asset products, from our perspective at ASIC, we are really interested in how those products can be utilized to improve how our financial system operates.”
Australian Securities Exchange plans to replace its CHESS clearing system with blockchain tech.
ASIC commissioner highlighted one such innovation, noting the Australian Securities Exchange’s plan to replace its CHESS clearing system with a distributed ledger-based system. “We are spending a lot of time looking at the ASX’s proposal to change its clearing and settlements system,” the ASIC commissioner said. Despite the regulator’s desire to work with the crypto industry, Armour emphasized the high volume of complaints regarding crypto scams received by ASIC. She further urged industry participants to alert the regulator about “poor practices or scam activity,” noting that ASIC “would like to take action to disrupt poor practice in this sector.”
