{"id":81,"date":"2016-02-26T11:25:00","date_gmt":"2016-02-26T11:25:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/australian-commission-said-blockchain\/"},"modified":"2023-01-10T01:41:16","modified_gmt":"2023-01-09T23:41:16","slug":"australian-commission-said-blockchain","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2016\/02\/australian-commission-said-blockchain.html","title":{"rendered":"Australian commission said blockchain can help governments regulation"},"content":{"rendered":"<div style=\"text-align: justify;\">On February 15th Greg Medcraft, chairman at Australian Securities and Investments Commission (ASIC), stated that the blockchain can have &#8220;profound implications&#8221; on how government regulates the markets.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">During the Official Monetary and Financial Institutions Forum Roundtable held in London, in fact, Medcraft commented that regulators need to better understand this technology before thinking how to regulate it.<\/div>\n<div>\n<div style=\"text-align: justify;\"><\/div>\n<\/div>\n<div class=\"separator\" style=\"clear: both; text-align: center;\"><a style=\"clear: left; float: left; margin-bottom: 1em; margin-right: 1em; text-align: justify;\" href=\"https:\/\/3.bp.blogspot.com\/-8z5iZ-PNnAM\/VtA2HvrJGzI\/AAAAAAAAAOw\/SEkX123hMUk\/s1600\/www.eddieseatery.com%2B%25281%2529.png\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/02\/www.eddieseatery.com28129.png\" width=\"400\" height=\"335\" border=\"0\" \/><\/a><\/div>\n<div>\n<div style=\"text-align: justify;\"><\/div>\n<h3 style=\"text-align: justify;\">How to adopt the Blockchain<\/h3>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Medcraft also said that if capital markets will adopt the use of the blockchain it will be able to improve market efficiency and the access to markets, decrease fees and help transactions transparency.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><i>&#8220;Blockchain will have profound implications for how we regulate. We will need to find the right balance between speed of execution and streamlining of business processes. As regulators and policy makers, we need to ensure what we do is about harnessing the opportunities and the broader economic benefits, not standing in the way of innovation and development.&#8221;<\/i><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Medcraft also spoke about how Australian securities regulators act, talking about surveillance of firms, products released in the market and the development of methods to involve the blockchain.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><i>&#8220;We are working to understand how enforcement action can be taken where a transaction entered into here or overseas is recorded in the blockchain&#8221;<\/i>, he said.<\/div>\n<h3 style=\"text-align: justify;\"><\/h3>\n<h3 style=\"text-align: justify;\">Australia is in the vanguard<\/h3>\n<div>\n<div style=\"text-align: justify;\"><\/div>\n<\/div>\n<div style=\"text-align: justify;\">Previously this year, the Australian Stock Exchange (ASX) revealed its plans to adopt the blockchain for trades clearing and settlement.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">To do so, the ASX wants to create its own private blockchain with the partnership of Digital Asset Holdings (DAH).<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The first phase of this program will run at the end of 2016 and will replace ASX\u2019s existing trading and risk management systems.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">To know more about this project, <a href=\"http:\/\/digitalasset.com\/static\/documents\/ASX_Selects_Digital_Asset_to_Develop_Distributed_Ledger_Technology_Solutions.pdf\">you can read the full press release here. <\/a><\/div>\n<\/div>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>On February 15th Greg Medcraft, chairman at Australian Securities and Investments Commission (ASIC), stated that the blockchain can have &#8220;profound implications&#8221; on how government regulates the markets. During the Official Monetary and Financial Institutions Forum Roundtable held in London, in fact, Medcraft commented that regulators need to better understand this technology before thinking how to [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,40,42,45,46,48,49,101,205,228,312,420,542],"tags":[731,733,736,737,738,739,793,884,905,988,1083,1201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australian commission said blockchain can help governments regulation -<\/title>\n<meta name=\"description\" content=\"Discover how blockchain technology can improve transparency and efficiency 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