Joe Longo, Chairman of the Australian Securities and Investments Commission (ASIC) spoke At the Australian Financial Review Super and Wealth Summit held at the Fullerton Hotel in Sydney on Monday.
He said that the rise of cryptocurrency “is simply amazing and cannot be ignored.”
As a company and market regulator, Longo admits to have a certain fascination with decentralized autonomous organizations or DAOs. He said that they pose certain challenges to national regulators such as ASIC:
“Applying a concept familiar to corporate lawyers, who will ASIC turn to to determine the guiding ideology and willingness of the DAO? If something goes wrong or does not proceed as expected or expected, it is not clear who should be held responsible. It is also unclear how the DAO will be pursued in court Own responsibility.”
Longo recognizes the high demand of Australian consumers for encryption products and services, and pointed out that ASIC still has important decisions to make in the encryption field. “No matter where we log in from a policy perspective, […] Encryption is at our doorstep, here and now, and driven by extraordinary consumer and investor demand. “
Although his comments included caution for investors, the chairman believes that the Commonwealth Bank recently entered the crypto market by providing crypto trading functions to its app users, which is an important step in recognizing the development of the crypto market:
“fact [that] Australia’s largest bank has proposed a way to expose cryptocurrency for its retail customers. Yes, this is just a pilot project, but the overall direction is clear. This debate is no longer on the fringe of the financial services industry. “
In recent months, Australia’s interest in the blockchain field seems to have increased. On Friday, November 19, the CEO of the Federal Bank of the country said that he was more worried about missing out The rise of this emerging technology Rather than any assumed risk associated with adoption. As early as November 2, the Australian Senate delivered a passionate speech on the industry. Praise the country’s crypto advocates Because they are willing to accept supervision.