As the struggle for regulatory clarification intensifies, Binance Australia CEO Leigh Travers said that such a framework “maintains a higher standard” than most people believe in the crypto industry. I think it proves.
Traverse spoke with Cointelegraph on Tuesday about the current state of local cryptographic efforts and how the opportunities available in the industry are limited by lack of clarity.
The lack of clarity is due to the Federal Bank of Australia (CBA). Postponing the pilot program indefinitely For crypto trading services last month. There are no rules on books that directly ban CBA’s new services, but Australian financial regulators have called for a suspension of services due to lack of consumer protection.
Without regulations to allow the operation of such cryptographic services, its feasibility cannot be proven.
From the Travers’ point of view, he believes that the crypto industry is already ahead of the traditional financial regulatory system for several reasons, and that new regulations need to reflect that. He said he wants “the crypto industry wants to see regulation” for good reason.
“Cryptocurrency people want to prove that they are maintaining a higher standard than they really think.”
Traverse believes that a prudent regulatory system will reveal its higher standards to Australians.Chainalysis, a blockchain analytics company, announced in January, with or without new regulations. Will be a financial crime“Cash is still the king.”
Another way Traverse said the crypto industry is different from traditional finance is Bitcoin (BTC) And Ether (ETH) Does not easily fit into the existing classification of real estate or financial instruments. Cryptocurrencies are currently classified as Australian real estate.
Traverse said the distinction between crypto and other assets can grow over time as decentralization progresses, adding that “crypts fit different products” and are difficult to regulate responsibly. It only makes it worse.
Travers to Senator Andrew Bragg Cryptographic Champion On the Liberal side, local industry may be at a loss for such champions now that Labor has taken power for the first time in nine years.
He said the first half of the Liberal Party considered the industry “with high-paying work and economic contributions” to be good. He is worried that the new regulations will significantly slow down the work already underway, as “workers are not immediately focused on blockchain and cryptography.” This can put the domestic industry at a disadvantage.
“The industry is looking for clearer regulations because it’s difficult to be a service provider in this environment.”
Overall, Travers seems bullish on cryptocurrencies.He shared his beliefs in the future Non-fungible token (NFT)) And the various roles they can play in society.
In the short term, he admitted that the NFT method is still uncertain and likely to remain simple. Work of artHowever, the long-term impact of NFTs was widespread on property rights and intellectual property. “I think NFTs will be huge. Intellectual property is why Disney is such a huge company.”
Related: Australian consumer groups want better cryptocurrency registration because of “late law”
Despite the ongoing price plunge when BTC fell Below the realized price For the first time since March 2020, Travers is generally bullish in the industry. In the short term, he said, “Cryptocurrencies will have a hard time because they are macro-led,” but it’s only a matter of time before the Bulls tide returns.
“When the fear of higher interest rates diminishes, cryptocurrencies catch the wind and create more opportunities when everything is sold out.”
