Despite receiving several accounts of crypto scams, the Australian Securities and Investments Commission aspires to help the local crypto industry.

The cryptocurrency market has seen a lot of attention in recent months as authorities around the world rush to control it. The Australian Securities and Investments Commission (ASIC) has expressed its intention to assist the local cryptocurrency  industry, despite the difficulties of controlling new technology. The Australian government is eager to promote the crypto industry by enacting appropriate legislation. This year, Bitcoin has seen a huge winning rally as it starts to draw more major players.

ASIC’s mission is to boost the financial system’s efficiency.

On April 22, ASIC commissioner Cathie Armour spoke on a panel at Australian Blockchain Week about the regulator’s goals, which include seeking to “maintain, promote, and boost the efficiency of [Australia’s] financial system and the companies that exist within it,” as well as ensuring that “both customers and buyers have the confidence to engage in the system.” “When we’re talking about 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,” Cathie also said.

The Australian Securities Exchange intends to use blockchain technology to replace its CHESS clearing scheme.

One such breakthrough was the Australian Securities Exchange’s proposal to replace its CHESS clearing system with a distributed ledger-based system, according to an ASIC commissioner. The ASIC commissioner said, “We are spending a lot of time looking at the ASX’s proposal to change its clearing and settlements system,”. Despite ASIC’s ability to collaborate with the crypto industry, Armour stressed the large number of feedback it receives about crypto scams. She also encouraged market members to report “bad practices or scam activities” to the regulator, saying that ASIC “would like to take steps to disrupt bad practice in this field.”

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