Noting the challenges associated with regulating innovative technologies, The Australian Securities and Investment Commission has expressed desire to support the crypto industry,
The Australian regulators are 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. As stated by commissioner Cathie Armour, in a panel during Australian Blockchain Week,
“When we’re talking about new 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.”
Armour 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,” she said.
Despite the regulator’s desire to work with the crypto asset industry, Armour emphasized the high volume of complaints regarding crypto scams received by ASIC.
“As part of our job in dealing with consumer issues and investor issues, we receive a lot of complaints when things aren’t going right,” she said, adding:
“We know that this is probably a concern as much to all of you who participate in the industry as it is to us.”