Joe Longo, chairman of the Australian Securities and Investments Commission, or ASIC, spoke at the Australian Super & Wealth Summit on Monday at the Fullerton Hotel in Sydney.
According to him, the rise of cryptocurrency “is nothing short of extraordinary and cannot be ignored.”
As a corporate and market regulator, Longo recognized a certain fascination with decentralized autonomous organizations, or DAOs. He said they pose certain challenges to national regulators such as ASIC:
“To paraphrase a well-known concept of corporate lawyers, who does the ASIC go to to find out what the DAO controls and wants? It is not clear who is responsible if something goes wrong, or does not go as expected or expected. How can the DAO be prosecuted in court.”
Longo acknowledged strong consumer demand for crypto products and services in Australia, noting that ASIC still had important crypto policy decisions: “Wherever we put up political […], cryptography is at our doorstep. Here and now, thanks to extraordinary consumer demand. and investors.”
While his comments included a cautionary tale for investors, the chairman noted that the recent entry of the Commonwealth Bank into the cryptocurrency market, which offers crypto-trading features to app users, was an important step that should be recognized in the development of crypto markets:
“The fact [that] Australia’s largest bank already offers crypto money to its private clients says a lot. Yes, this is just a pilot project, but the overall trend is clear. The financial industry.”
Australia’s interest in blockchain appears to have increased in recent months. On Friday, November 19, the CEO of the Commonwealth Bank said he was more concerned about the loss of potential for this emerging technology than any perceived risk associated with its application. Back on November 2, the Australian Senate spoke enthusiastically about the industry, praising the country’s crypto fighters for their willingness to accept regulation.