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.
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Like most other countries in the world, Australia wants to foster financial innovation, as well as give homegrown startups a fighting chance for success abroad. With the Fintech and Bitcoin sectors both driving innovation to a new level, it only makes sense financial regulators are playing close attention to the proceedings in these industries.
At the same time, it is of the utmost importance for regulators to ensure they do not stifle innovation either. There is a thin line to walk between being too lenient and too harsh regulation, and collaboration in this space is direly needed. This is why it is noteworthy how the ASIC and the MAS are in talks already, and both parties are quite excited about the future collaboration.
Greg Medcraft , ASIC chairman, will be attending the spring meeting of the IMF and World Bank later this week. During this event , he will present a session on the topic of “Digital disruptions to the financial system”, and make a case for a more collaborative framework for Bitcoin and Fintech regulation.
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. Partnerships between established financial players and Fintech startups could lead to new services, more innovation, […]
