ASIC Chairman: Blockchain Technology Has Potential to Change Finance
The chairman of the Australian Securities and Investments Commission (ASIC) believes blockchain technology has the potential to fundamentally change the world's existing financial system. Greg Medcraft, appointed chair of ASIC in 2011, made the comments during his speech at Australia's Carnegie Mellon University earlier this week. According to Medcraft, distributed ledger technology could result in greater efficiency and speed, disintermediation, reduced transaction costs and improved market access. Following an explanation of the blockchains's characteristics, Medcraft noted its potential....
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The chairman of the Australian Securities & Investments Commission (ASIC) has encouraged regulators around the world to embrace blockchain innovation, the technology that underpins bitcoin. ASIC chairman Greg Medcraft has spoken about the potential and promise that blockchain technology holds, urging regulators around the world to “start thinking about” blockchain innovation, during a recent industry meeting at Madrid. Besides his role as the ASIC chairman, Medcraft is also the chairman of the International Organization of Securities Commissions (IOSCO). Suffice to say, the endorsement....
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....
The head of Australia’s top securities watchdog said earlier this month that blockchain technology will have “profound implications” for how government officials regulate the marketplace. Greg Medcraft, who has led the Australia Securities and Investments Commission (ASIC) since 2011, was speaking before the Official Monetary and Financial Institutions Forum Roundtable, a discussion forum for public and private finance institutions, at a meeting in London on 15th February. In his speech, Medcraft discussed the impending “digital disruption” in capital markets, with a particular emphasis on....
Greg Medcraft, Chairman, Australian Securities and Investments Commission (ASIC) in a speech at Carnegie Mellon University underlined the importance of blockchain and how they can transform the capital market. In the speech, he cited four main points that he said, proved that blockchain has the capacity to help transform the capital market. Continuing in the same vein, the Chairman said that blockchain stands for efficiency and speed and has in it the potential to automate the financial system which will cut down the time duration that is needed for transactions. Secondly, he mentioned....
The current chairman of the US Commodity Futures Trading Commission (CFTC), Timothy Massad, will likely step down early next year. While he recognizes the potential benefits of blockchain technology, his replacement may be even more pro-blockchains. Massad Sees Blockchain’s Benefits. “The innovations that may be created through financial technology such....