The Australia Securities and Investments Commission (ASIC) is urging local blockchain and crypto firms to engage with regulators to help them foster innovation in the region.
Jonathan Hatch, the Senior Advisor of Strategic Intelligence at the ASIC, emphasized the regulator is trying to build trust and collaborate with the crypto economy.
Panelist Kevin Saunders, the Chief Investment Officer of Monochrome Asset Management, stated that while the blockchain sector could do more to understand the ASIC’s regulatory framework, the commission needs to provide greater clarity as to the industry’s compliance obligations. He took aim at the opacity of existing regulations, characterizing the industry’s oversight as “too ephemeral for large institutions to engage with it.”
Chloe White, the leader of the National Blockchain Roadmap, agreed that it is challenging for industry stakeholders to keep up with the current regulatory environment.
Likewise, Justin Amos, the CEO of digital financial agreements firm Lygon 1B, added that regulators need to collaborate to support new technologies rather than seek to stifle emerging industries with heavy-handed regulation.
Thus, the Australian government has already been supportive of blockchain projects, having made two grants of up to $3 million available to blockchain teams targeting minerals certification and excise taxation solutions in late March.