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 for blockchain is coming from a lofty position.
The chairman was speaking to The Australian in an interview, wherein he claimed that the industry could save billions “if they can make it [blockchain-tech] work”.
He further called upon market regulators globally to “start thinking about” the challenges of distributed ledgers in order to scale the technology for real-world practical use.
At the meeting in Spain, Medcraft revealed that he had told other attending market regulators to embrace innovation such as the blockchain. [D]on’t be afraid of innovation. Engage with it and see how you can help business harvest it. Australian Blockchain Endeavors
The Australian Securities Exchange (ASX), after a year of hinting toward integrating blockchain technology for post-trade solutions in 2015, revealed its plan to do just that this year. The announcement came along with its investment in New York-based blockchain startup Digital Asset Holdings , where the ASX now owns a 5 percent stake.
Medcraft claimed Australia had a “great opportunity to lead” the path in blockchain integration toward practical solutions and scaling the technology toward the promise land. He has a good example to back up such a claim, with the ASX becoming the first prominent global exchange to integrate distributed ledger technology into its securities’ trading and settlement systems.In making note of the ASX’s foray to embrace […]
