Joe Longo, chairman of the Australian Securities and Investments Commission, or ASIC, spoke at the Australian Financial Review’s Super and Wealth Summit on Monday at the Fullerton Hotel in Sydney.
The rise of crypto, he said, has been “nothing short of phenomenal and impossible to ignore.”
As a regulator of businesses and markets, Longo admitted a certain fascination with decentralized autonomous organizations, or DAOs. He said they present some challenges for national regulators like ASIC:
“To paraphrase a concept familiar to corporate lawyers, who does ASIC turn to in determining the guiding spirit and will of a DAO? It’s not clear who is responsible if things go wrong, or don’t go as planned or anticipated. It is also unclear how a DAO, itself, can be held accountable in court. “
Longo recognized the strong consumer demand for crypto products and services in Australia, and noted that ASIC still has important decisions to make regarding policy on the crypto space, “Wherever we land from. a political point of view […] crypto is on our doorstep, here and now, and is driven by extraordinary consumer and investor demand. “
While his comments included investor caution, the president found that Commonwealth Bank’s recent entry into the crypto market by offering crypto trading functionality to its app users was an important milestone to be recognized in the evolution of the crypto markets:
“The fact [that] Australia’s largest bank is already offering a means of crypto-exposure for its retail clients is revealing. Yes, this is only a pilot project, but the general direction is clear. This debate is no longer on the fringes of the financial services industry.
Australia’s interest in the blockchain space appears to have increased in recent months. On Friday, November 19, the CEO of the country’s Commonwealth Bank said he was more concerned about missing out on the boom in the nascent technology than the supposed risks of adoption. On November 2, Australia’s Senate spoke enthusiastically about the industry, praising the country’s crypto advocates for their willingness to pass the regulations.