The head of the popular Australian cryptocurrency exchange BTC Markets says crypto regulations provide benefits to the industry.
In the global race for cryptocurrency adoption, regulations, and innovation Australia seeks its own piece of the action. According to the CEO of the country’s largest crypto exchange the country could get left behind without proper action.
Caroline Bowler is CEO of the exchange BTC Market. In an interview with Bloomberg she said it would be a “real shame for Australia if we don’t take this bull by the horns.”
Bowler said a “progressive framework of regulation” would benefit the Australian crypto market. Moreover, she praised the European Union for its strategies of regulation through innovation. Along with Europe she mentioned the crypto-forward track record of the city-state of Singapore.
On the other hand, the CEO noted the hardline stance on crypto from the U.S. Securities and Exchange Commission (SEC). In recent months the SEC cracked down on big names within the crypto industry such as UniSwap and Coinbase.
Overall Bowler welcomed regulation of the industry both in Australia and overall. She claimed a “certain sense of optimism” regarding a report on the topic from a parliamentary committee.
Australian Crypto Consideration
Australia’s relationship with all things cryptocurrencies goes back and forth.
There are reports which show Australian crypto adoption as more than that of the U.S. and U.K., which is a progressive sign. Though others, like from Blockchain Australia, say that crypto progress in the country is in stagnation.
In terms of institutions there are mixed signals as well.
Late last month, the regulators in the country called for a reevaluation of crypto wallets from Apple and Google services. Those reevaluations pondered stricter rules for digital asset wallets. While at the same time federal banks give crypto companies and investors a hard time.
A handful of the top Australian banks refuse business dealings with crypto-related firms. While these bank decisions don’t deny crypto, some speculate they do this for an advantage in the market when they choose their entrance. Nonetheless the frequent rejections stifles potential homegrown innovation in the industry. An Australian bitcoin trader reportedly received rejections from over 90 banks in the country.
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