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Australian Regulator Seeks €˜regulatory Perimeter’ Targeting Blockchain Space

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Australian regulator seeks ‘regulatory perimeter’ targeting blockchain space

Business 16 hours ago

Ed Drake

Australia’s chief financial regulator intends to support the digital currency sector, despite highlighting the large number of scams affecting investors in the space.

The Australian Securities and Investments Commission (ASIC) said that while it was challenging to regulate new and emerging technologies such as digital currency, it would continue to work to “maintain, facilitate and improve the performance of [Australia’s] financial system and the firms that operate within it,” as a central part of its function.

ASIC commissioner Cathie Armour said in a panel during the Australian Blockchain Week the regulator remained interested in how digital currency could improve the operation of the wider financial system.

“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 noted one example of an innovation, a plan that would replace the Australian Securities Exchange’s current clearing system with a DLT-powered technology.

“We are spending a lot of time looking at the ASX’s proposal to change its clearing and settlements system.”

While the commissioner said the regulator was keen to support the digital currency industry as much as possible, she said they were still receiving high numbers of complaints about scams and frauds.

Source: https://coingeek.com/australian-regulator-seeks-regulatory-perimeter-targeting-blockchain-space/

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