Regulators Should 'Not Stand in the Way of Innovation,' says Australia's Financial Watchdog
Blockchain technology has the potential to "fundamentally change" our financial system by allowing disintermediation, reducing transaction costs and improving market access, according to the Australian Securities and Investment Commission (ASIC). But in order to get the full benefit of this technological advance, regulators should not be "standing in the way of innovation and development." In a keynote delivered at the Carnegie Mellon University, Greg Medcraft, Chairman at the ASIC, said that blockchain technology could positively transform capital markets by bringing more efficiency and....
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The CEO of Commonwealth Bank of Australia recently spoke about the importance of innovation in the banking industry and how Bitcoin technology may grow to disrupt the industry in the future. The evolution of Bitcoin technology from being just a ledger to the next big innovation in the fintech sector has waken up the finance giants. Banking majors like the Commonwealth Bank of Australia (ASX:CBA) have come to realize the importance of constant innovation, and how it may affect the long time survival of the institution. The banking sector has been dependent on legacy systems for too long.....
It is worth noting how Christine Lagarde, the managing director of the IMF, personally invited Mr. Medcraft. Both parties met up earlier this year as the World Economic Forum in Davos, where the future of Fintech was discussed at length. Bitcoin and Fintech are two areas where regulation will play a major role in the coming years. The Australian Securities and Investments Commission has reached out to the Monetary Authority of Singapore to make sure regulatory measures do not hinder the growth for Fintech and Bitcoin. Like most other countries in the world, Australia wants to foster....
The British Financial Conduct Authority (FCA) and its Australian counterpart, Australian Securities and Investments Commission (ASIC) have signed the first-of-its-kind agreement whereby innovative Fintech companies in Australia and the United Kingdom will have more support from financial regulators as they attempt to enter the others’ market. Christopher Woolard, director of strategy and competition at the FCA, said: Innovation in financial services isn’t limited by national borders… We also know that many British firms wish to use the UK as a springboard to launch their businesses or....
Bitcoin has been quite the hot property in Australia over the past eighteen months, and it has caught the attention of the nation's financial regulators, as it has in nations worldwide. In Australia, in particular, Bitcoin is very popular. Just not popular enough to threaten the status quo, according to the nation's monetary policy regulators. Australian regulators: We'll let it go, for now. Dr. Anthony Richards is the head on monetary policy for the Australian RBA, their fiat currency central bank. He released a statement regarding the current stance of regulators towards Bitcoin: "Given....
Fintech Australia is a national Australian Fintech Industry Association. Their vision is to make Australia one of the world’s leading markets for Fintech innovation and investment. Founded in October 2015, their membership base now comprises over 70 startups, venture capital funds, hubs and accelerators across Australia that specialise in Fintech. As a not-for-profit organisation, they support the Australian Fintech community, build awareness and trust in Fintech startups and advocate for better policy on behalf of our members. Fintech Australia is the voice for Fintech innovation in....