ASIC chair Longo calls the growing demand for crypto ‘impossible to ignore’

Joe Longo, the chair of the Australian Securities and Investments Commission (or ASIC), spoke on Monday at The Fullerton Hotel in Sydney at the Australian Financial Review Super and Wealth Summit.

He said that the rise of crypto has been “nothing but phenomenal” and was impossible to ignore.

Longo, a corporate and market regulator, admitted that he was fascinated by decentralized autonomous organisations, or DAOs. Longo stated that DAOs present some challenges to national regulators such as ASIC.

To paraphrase a corporate lawyer concept, to whom does ASIC go to determine the directing mind of a DAO?” It’s not clear who is responsible if things don’t go according to plan or go as planned. It is also unclear how a DAO can be held responsible in court.

Longo acknowledged the high demand from Australian consumers for crypto products and services. He also noted that ASIC still needs to make important decisions regarding policy in the space. “Wherever we land, […] crypto will be at our doorstep. This is being driven by extraordinary investor and consumer demand.”

Although he cautioned investors, the chair recognized that the recent entry of Commonwealth Bank into the crypto market and offering crypto trading functionality for its app users was a significant step in the evolution crypto markets.

“It is quite telling that Australia’s biggest bank has already proposed a way of crypto-exposure to its retail customers. Although it is a pilot project, the direction of the overall project is clear. This is not a fringe issue in the financial services industry.

Over the past few months, Australia seems to have shown more interest in blockchain technology. Friday, November 19, saw the CEO of the Commonwealth Bank of Australia stating that he is more worried about missing out on this emerging technology than any potential risks related to adoption. On Nov. 2, Australia’s Senate praised the industry and praised crypto advocates for their willingness of regulation.

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Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

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