The Chairman of ASIC (Australian Securities and Investments Commission), Joe Longo, voiced on Monday while appearing in the Australian Financial Review Super and Wealth Summit at the Fullerton Hotel situated in Sydney. He mentioned that the emergence of cryptocurrency has become phenomenal and cannot be ignored. Being a market and corporate regulator, Longo slightly acknowledged being fascinated by the decentralized autonomous DAOs, and companies. He stated that they pose various challenges for the regulators on the country-level such as ASIC.
He added that the specific responsible body is unidentifiable in the case of a problem. Additionally, he spoke, this is even not clarified whether DAO itself will is liable to be held responsible in the jurisdiction of a court.
He admitted that there is an increased demand for the cryptocurrency on the behalf of the consumers, and specified that some significant decisions are still lined in the ASIC’s further course of action in the perspective of policy regarding the crypto world. He expressed that the primary thing to be focused on under the organization is the crypto as well as the growing investor and consumer base thereof.
Though these remarks are cautionary for the crypto investors, the ASIC chairman perceived that the recent adoption of crypto by the Commonwealth Bank through providing crypto trading operability to the applications users thereof was a radical step in the evolution of this field. He further said that the largest bank of Australia is in advance proposing crypto exposure to the retail customers which appears to be a pilot project however the general direction of it is ambiguous. He explained that the respective debate is not available within the space of financial services.
During recent months, a thorough upsurge has been witnessed in the Australian population’s interest in the technology of blockchain. On 19th November (Friday) the CEO (Chief Executive Officer) of the Australian Commonwealth Bank asserted that he is to a great extent apprehensive regarding the missing out of the evolution period of this bourgeoning technology rather than any hazards involved in it and its adoption.
Previously on 2nd November, the Senate of Australia explicitly discussed this industry. It also admired the inclination of the crypto advocates toward it as well as the struggle being done by them to make this dream come true along with abiding by the particular regulations to be implemented by the authorities.