ASIC Chief: Blockchain Will Have 'Profound Implications' for Regulators
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....
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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 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....
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