The Australian Securities and Investments Commission (ASIC) needs to support the cryptocurrency market

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

The crypto industry has gotten a lot of attention in recent months as regulators worldwide rush to control it. The Australian Securities and Investments Commission (ASIC) has expressed its intention to assist the local crypto industry, despite the difficulties of maintaining new technologies. The Australian government is eager to help the crypto industry by enacting appropriate regulations. This year, Bitcoin has seen a substantial winning rally as it continues to draw more significant players.

ASIC’s mission is to improve 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 working to preserve, promote, and enhance the performance of [Australia’s] financial system and the companies that function within it, as well as ensuring that both investors and customers 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 added,

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

According to an ASIC commissioner, one such innovation was the Australian Securities Exchange’s proposal to replace its CHESS clearing system with a distributed ledger-based system.

“We are spending a lot of time looking at the ASX’s proposal to change its clearing and settlements system,”

the ASIC commissioner said.

Despite ASIC’s ability to collaborate with the crypto industry, Armour stressed the large volume of feedback it receives about crypto scams. She also encouraged industry participants to report any unfair practices or scams to ASIC, saying that the regulator would like to take steps to disrupt a lousy routine in this market.

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