ASIC (Australia Securities and Investments Commission) is asking local blockchain and crypto firms in the country to engage with regulators in order to help innovation.
Jonathan Hatch, the senior advisor of strategic intelligence, declared today that the regulator is working on building trust and collaborating with the crypto economy.
The CIO of Monochrome Asset Management, Kevin Saunders, declared that the blockchain sector should try and understand the ASIC regulatory framework better, but also that the commission had to offer better clarity.
Saunders criticized the current regulations, describing them as “too ephemeral for large institutions to engage with it.”
Chloe White, National Blockchain Roadmap Lead, has concurred that it is rather tough for industry stakeholders to keep up with the regulatory environment that is currently put in place.
Justin Amos, the CEO of digital financial agreements firm Lygon 1B, also supports the idea of regulators working on supporting new tech and focusing less on trying to stop the emerging industries with the current regulations.
The government of Australia has already shown support to blockchain projects as in late March it offered two grants of close to $3 million to blockchain teams that targeted minerals certification and excise taxation solutions.
The Reserve Bank of Australia announced in November 2020 that it planned to work with the Commonwealth Bank, National Australia Bank, Perpetual (a financial services company), and ConsenSys (an Ethereum software company) in order to investigate the potential use of a wholesale CBDC.