Australian Securities and Investments Commission Chairman believes blockchain will reshape securities regulation

Rage Commentary : The basic functions of the Australian Securities and Investments Commission (ASIC) are to maintain market integrity and protect consumer rights. From a series of events, Australia's investment in blockchain is far ahead of other countries, especially the Australian Stock Exchange has invested more than 10 million US dollars in blockchain startup Digital Asset Holdings (DAH), and is seeking blockchain-based securities trading solutions, hoping to fully upgrade its securities trading system. From the attitude of ASIC, they have a very open attitude towards blockchain technology, which may greatly accelerate the development of blockchain technology in the field of Australian securities trading system and supervision.

Translation: Annie Xu

The chairman of Australia's largest securities regulator said earlier this month that blockchain technology will have a profound impact on the government's regulation of market activities.

Greg Medcraft, chairman of the Australian Securities and Investments Commission (ASIC) since 2011, spoke at a conference in London on February 15 before the Official Monetary and Financial Institutions Forum Roundtable, a forum for public and private financial institutions.

Greg Medcraft , Chairman of the Australian Securities and Investments Commission

In his speech, Greg Medcraft discussed the upcoming disruptive changes in capital markets brought about by digital technology, with particular emphasis on blockchain technology, and expressed his views on how regulators should view and respond to this change.

“Given the pace of change, we need to think about using that tool.”

The application of blockchain technology in capital markets may improve market efficiency, reduce transaction costs, increase market transparency, and provide a path for investors and companies that want to enter the financing market.
Blockchain technology has the potential to reshape the way regulators such as ASIC operate, while reminding people to pay attention to the appropriate level of regulation. In response to previous speeches by world regulators and themselves.

“Blockchain technology will have a great impact on government regulatory behavior. We need to find a balance between regulatory intensity and corporate management. As regulators and policymakers, we need to ensure that we seize opportunities for faster economic development rather than hinder innovation and development.”

The ASIC chairman outlined some of the responses by the Australian securities regulator, including monitoring companies and product markets and the development of a regulatory approach to blockchain.

“We are trying to find ways to monitor domestic and foreign transactions recorded on the blockchain.”

Regulators need to find the right balance.

“We want to help companies seize development opportunities, whether it’s blockchain technology or other innovative technologies, of course, the premise is to protect economic interests.”