Law and Legislation

Australian Cryptocurrency Exchange Head Welcomes Industry Regulations.

According to the head of the nation’s largest digital asset exchange, if regulation of the local cryptocurrency industry doesn’t support innovation, Australia’s risks will be left behind.

BTC Markets Chief Executive Officer Caroline Bowler tweeted on Wednesday that it is going to be a moment of “real shame for Australia if we don’t take this bull by the horns,”

She also added, Australia would benefit from a “progressive framework of regulation,”, and praised the europian union approach, which has moved to “regulate innovation in, rather than innovation out.” Bowler has also welcomed the Singapore regulator’s approach to embracing the cryptocurrency industry.

She compared the EU’s stance with the U.S. Securities and Exchange Commission. SEC chief, Gary Gensler has spoken hard words on crypto exchanges on Tuesday and said there are just a “small number” of digital assets that are not required to be registered with the commission.

Bowler said, “There is a concern naturally that regulation can become overbearing,” she also said with citing a BTC Markets survey, that investors saw a lack of regulation in the Australian market. She also added that it should be allowed for financial advisers to give advice on cryptocurrency assets which can help investors understand volatility in the market.

Bowler said, Regulation of the industry is welcome, and there is a “certain sense of optimism” around a report on the issue that will be presented by a parliamentary committee in October.

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