** Despite the fact that the Australian stock exchange regulator, the Australian Securities and Investments Commission (ASIC), receives a large amount of reports of fraudulent practices related to crypto, the body is still determined to support the innovative crypto industry. **
ASIC Commissioner Cathie Armor speaks at a panel during Australian Blockchain Week about the goals of the Australian regulator. "Maintaining, facilitating and improving the Australian financial system and all businesses operating within that system" are the primary goals of the ASIC, according to Cathie Armor. This is to ensure that “all investors and consumers have enough confidence to participate in the system”.
Armor also praises innovative technologies, such as crypto:
"When we talk about new innovations such as DLT (Distributed Ledger Technology), or new products such as crypto assets, we as ASIC are very interested in how we can use such products and innovations to improve the financial system."
However, Armor was not only positive about innovative technologies such as crypto. She also points out that the Australian regulator has received a large number of complaints about malicious practices. As a regulator, it is the task of the ASIC to ensure that consumers and investors are protected. The ASIC is therefore determined to take action to improve the climate for investors and consumers.
In March, the ASIC already released some warning to consumers. Dating websites would often contain crypto scams. Profiles on such websites are said to lure people into exceptional crypto investment opportunities. It turns out that a large majority of such profiles have bad intentions. According to the ASIC, from March to May 2020, during the start of the corona pandemic, the amount of scams increased by 20%.