The Australian government has been supportive of the block chain technology and the cryptocurrency market. The government had been partnering with various crypto firms in order to better explore the potential of the block chain technology. Grants up to $3 million had also been made available to block chain firms working towards mineral certification and excise taxation solutions.

The government has tried to create an environment that fosters innovation but regulating the cryptocurrency market is not an easy feat and has become a sore topic in the country. The Australia Securities and Investments Commission (ASIC) has appealed to the local crypto community to collaborate with regulators to help ensure the fostering environment is strengthened. However,

At the Australia Blockchain conference, senior advisor of strategic intelligence at ASIC, Jonathan Hatch, stressed upon the need for collaboration for regulation. Hatch also pointed out towards ASIC is trying to build trust in the crypto sphere.

However, Hatch did not receive any positive response as the industry leaders were quick to point out the ambiguities in the regulator’s crypto regulation. Kevin Saunders, CIO of Monochrome Asset Management, urged the regulator to understand the cryptocurrency market more deeply in order to provide clarity on the regulation. CEO of Lygon 1, Justin Amos, also took a hit at the ASIC stating tight regulation will only stifle growth in the industry.