Australia's ASIC Chairman: Blockchain will "profoundly impact" the way government agencies regulate

Editor's Preface: Australia has always maintained a keen sense of smell in blockchain. The Governor of the Reserve Bank of Australia has publicly expressed support for domestic banks to study blockchain. It is reported that the Australian Stock Exchange (ASX) will use blockchain to replace the clearing and settlement system by the end of this year. Now, the chairman of ASIC, the authoritative securities supervision agency in Australia, has also made a speech to encourage enterprises to seize the new opportunities brought by blockchain. All this seems to indicate that blockchain will become a new trend in the development of the industry.

Greg格雷戈•迈德克莱夫特of the Australian Securities and Investments Commission (ASIC), Australia's largest securities regulator, said at a conference on the 15th of this month that blockchain technology will "profoundly impact" the way government officials regulate the market.

In his speech, Medcraft pointed out that the capital market is about to be swept by the "digital trend", with particular emphasis on blockchain technology. Medcraft believes that regulators must take action to understand these emerging technologies in order to better respond.

Changes are happening so fast, and we have to hurry to understand them.

Medcraft discussed how blockchain technology, if adopted by capital markets, will improve market efficiency, reduce transaction costs, increase transparency, and improve entry barriers for investors and companies seeking funding.

Medcraft went on to note that blockchain technology has the potential to reshape how regulators like ASIC operate, and cautioned against “over-regulating.”

“Blockchain will have a ‘profound impact’ on the way we regulate and we need to find the right balance between speed of execution and simplification of business processes. As regulators and policymakers, we need to ensure that what we do is seize opportunities and the wider economic benefits, rather than become a stumbling block that hinders innovation and development.”

Medcraft also revealed details of some of the actions the Australian securities regulator has taken, including monitoring the launch of relevant products and related companies on the market and developing an approach to law enforcement in cases involving blockchain data.

“We are trying to understand how to handle activities involving blockchain transactions, where a transaction recorded on the blockchain could have originated overseas.”

Medcraft concluded:

“We want to help the industry seize opportunities that arise, whether they are opportunities brought by blockchain technology or other innovative technologies. Of course, we have to weigh the pros and cons and not spare any expense.”

Original article: http://www.coindesk.com/asic-profound-implications-blockchain-regulators/
By Stan Higgins
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/asic-blockchain)