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The Australian Securities and Investment Commission needs crypto companies to collaborate closely with it, but business executives are unaware of their responsibilities.
The Australia Securities and Investments Commission, or ASIC, is advising local blockchain and crypto companies to collaborate with regulators in order to promote regional innovation.
On Monday, April 19, senior advisor of strategic intelligence at ASIC, Jonathan Hatch, spoke at the Australia Blockchain meeting, emphasising the regulator’s efforts to create consensus and partner with the crypto economy.
While the blockchain sector should do better to consider the ASIC regulatory environment, panellist Kevin Saunders, CIO of Monochrome Asset Management, noted that the commision needs to have greater guidance on the industry’s enforcement obligations.
Saunders criticised current rules for their secrecy, calling the industry’s supervision “too ephemeral for large institutions to engage with.”
National Blockchain Roadmap Lead, Chloe White, commented on the sector’s obstacles, agreeing that it is difficult for business players to keep up with the new regulatory climate.
Justin Amos, CEO of digital financial agreements company Lygon 1B, added that regulators should partner to promote new developments rather than attempt to stifle developing markets by heavy regulation.
In late March, the Australian government showed its support for blockchain ventures by awarding two grants of up to $3 million to blockchain teams working on mineral certification and excise taxation solutions.
The Reserve Bank of Australia (RBA) revealed collaborations with the Commonwealth Bank, National Australia Bank, financial services group Perpetual, and Ethereum tech firm ConsenSys in November 2020 to investigate the possible use of a wholesale central bank digital currency.
Due to its favourable blockchain climate, Cointelegraph expected that Australia will be one of the first five countries to launch a CBDC in January 2021.