Australia's crypto industry is worried after the country's securities regulator signaled an expansion of its power.
Kirkland's comments raised concerns the regulator is tightening its oversight and is likely to impose onerous conditions that could drive companies offshore. The comments"should prompt urgent industry consultation with policymakers" said Michael Bacina, a partner at law firm Piper Alderman."If ASIC maintains their regulation by enforcement approach ... then ASIC will be taking a path the U.S. SEC took years ago. Having the courts set the regulatory perimeter is highly inefficient for both the regulator and the industry.“, was on the stage straight after Kirkland's comments when the fire alarm went off, AFR reported.
According to Kate Cooper, Australia CEO and head of APAC for Zodia Custody, said many crypto companies"are finding the status quo in Australia untenable, and are planning on seeking career or business opportunities in jurisdictions where regulation is much clearer like Dubai and Singapore."
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