The Australian Securities and Investment Commission (ASIC) encourages local blockchain and crypto companies to work with regulators to help them drive innovation in the region.
Speaking at the Blockchain conference in Australia on Monday 19 April, ASIC Chief Strategic Intelligence Advisor Jonathan Hatch emphasized that the regulator is trying to build trust and cooperation with the crypto-economy.
Committee member Kevin Saunders, CIO of Monochrome Asset Management, said that while the blockchain sector can do more to understand ASIC regulations, the committee needs to provide more clarity on the industry’s compliance obligations.
Saunders pointed out the ambiguity in current regulations, and called the industry inspection “too fast for large companies.”
Commenting on concerns in the sector, Chloe White, head of the National Blockchain Roadmap, agreed that it is difficult for industry stakeholders to keep up with the current regulatory environment.
Justin Amos, CEO of digital finance deal company Lygon 1B, added that regulators must work together to support new technology, not try to stifle new industries with tight regulation.
The Australian government is already supporting blockchain projects with two grants totaling $ 3 million to blockchain teams focusing on mineral certification and selective tax decisions at the end of March.
In November 2020, the Reserve Bank of Australia (RBA) announced a partnership with Commonwealth Bank, National Australia Bank, Perpetual Financial Services Corporation and Ethereum software company ConsenSys to explore the potential use of the central bank’s digital currency for wholesale.
In January 2021, the Cointelegraph predicted that Australia would be one of the first five countries to launch a central bank digital currency due to the favorable blockchain environment.