Good news from down under as the top securities regulator in Australia has voiced support for mainstreaming cryptocurrencies despite recent scams. The Australian Securities and Investment Commission (ASIC) has voiced this support at a time when cryptocurrency ownership and trading are seeing record increase in the island country in Asia-Pacific.
ASIC Supports Crypto on Australian Blockchain Week
Using the platform of a local crypto moot called Australian Blockchain Week, the ASIC commissioner Cathie Armour heaped praise on the sector.
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.”
The commissioner also announced that it was ready to incorporate the decentralized consensus mechanisms in the Clearing House Electronic Subregister System in the Australian Securities Exchange (ASX).
Concern About Rising Crypto Scams
According to Armour, the commission was looking to be pro-crypto despite the record number of complaints being filed regarding the sector. She said that she understood that it was a big concern for many in the country regarding the safety of the sector. However, in interest of investment and improvement, the organization wasn’t looking to ban the sector or place unfriendly regulation, but rather take action to disrupt bad practices occurring there.
Armour singled out March of this year when the government regulator received a record number of complaints. She warned that dating sites and mobile apps had become a hotbed of crypto scams and the public needs to be aware. The activity had overall increased more than 20% in March alone, she warned.
The Future for a Crypto Australia
Australia is one of the most progressive countries when it comes to cryptocurrencies. However, as the current 2020-21 bull run is happening, the chances of scammers and hackers taking advantage of this rapid appreciation has also increased manifold. The Australia regulator has so far restrained from enacting tougher laws to allow the space to self-regulate and innovate on its own. However, users still need to report their cryptocurrency transactions and trading data to the government for tax purposes. With these passive steps, the government is looking to bring the sector to the mainstream and unearth its massive potential going forward.
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