The Australian Securities and Investments Commission (ASIC) has said it's ready to support the crypto industry and look into ways to create a sustainable regulatory framework.
During a panel discussion at Australian Blockchain Week earlier today, ASIC commissioner Cathie Armour said that the regulator is looking to improve the country's financial system's performance.
Part of this improvement involves the adoption of new technologies such as blockchain and crypto.”When we're 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”, she said.
ASIC already plans to replace its current CHESS clearing system with a blockchain-powered distributed ledger instead.
However, Armour said that while ASIC is willing to cooperate with crypto companies, the watchdog was still cognizant of the high incidence of crypto scams (no small amount of which are tied to the gambling sector).
Armour acknowledged that this was a concern for those who sought to participate legally in the industry as much as it was a concern for those looking to regulate it. ASIC has already put out several warnings that crypto scams are proliferating.
The safest way to make sure your funds are safe in the crypto sector is to choose trusted businesses. In the case of casinos, these are licensed and trusted partners such as 1xBit, Bitcasino and FortuneJack.