{"id":232904,"date":"2021-04-22T08:08:46","date_gmt":"2021-04-22T05:08:46","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/despite-scams-australian-securities-regulator-keen-to-support-crypto-industry\/"},"modified":"2021-04-22T08:08:46","modified_gmt":"2021-04-22T05:08:46","slug":"despite-scams-australian-securities-regulator-keen-to-support-crypto-industry","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/despite-scams-australian-securities-regulator-keen-to-support-crypto-industry\/","title":{"rendered":"# Despite scams, Australian securities regulator keen to support crypto industry"},"content":{"rendered":"

“# Despite scams, Australian securities regulator keen to support crypto industry <\/strong>”
\n<\/p>\n

The Australian Securities and Investments Commission, or ASIC, has expressed its desire to support the crypto industry, noting the challenges associated with regulating innovative technologies.<\/p>\n

Speaking as part of a panel during Australian Blockchain Week on April 22, ASIC commissioner Cathie Armour described the regulator\u2019s objectives as working to \u201cmaintain, facilitate and improve the performance of [Australia\u2019s] financial system and the firms that operate within it,\u201d while also ensuring that \u201call investors and consumers have the confidence the participate in the system.\u201d<\/p>\n

\u201cWhen we\u2019re 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.\u201d<\/p><\/blockquote>\n

Armour highlighted one such innovation, noting the Australian Securities Exchange\u2019s plan to replace its CHESS clearing system with a distributed ledger-based system.<\/p>\n

\u201cWe are spending a lot of time looking at the ASX\u2019s proposal to change its clearing and settlements system,\u201d she said.<\/p>\n

Despite the regulator\u2019s desire to work with the crypto asset industry, Armour emphasized the high volume of complaints regarding crypto scams received by ASIC.<\/p>\n

\u201cAs part of our job in dealing with consumer issues and investor issues, we receive a lot of complaints when things aren\u2019t going right,\u201d she said, adding: <\/p>\n

\u201cWe know that this is probably a concern as much to all of you who participate in the industry as it is to us.\u201d<\/p><\/blockquote>\n

Armour urged industry participants to alert the regulator about \u201cpoor practices or scam activity,\u201d noting that ASIC \u201cwould like to take action to disrupt poor practice in this sector.\u201d <\/p>\n

In March this year ASIC put out a warning<\/a> that dating sites and app<\/a>s have increasingly become host to crypto-asset scams: “Beware of profiles that suggest or pressure you to participate in \u2018third party\u2019 crypto investments. Most crypto-asset investment opportunities reported to ASIC appear to be outright scams with no actual underlying investment.”<\/p>\n

In June of last year, ASIC warned of an increasing prevalence of crypto asset scams amid the coronavirus pandemic, estimating that overall scam activity had increased 20%<\/a> between March 2020 and May 2020.<\/p>\n