Binance Aussie CEO: Regulations will raise the bar in the crypto world.
Binance Aussie CEO: Regulations will raise the bar in the crypto world.
A change in Australia's government, according to Leigh Travers, might stymie progress on crypto legislation, which could demonstrate that the industry is already operating at a higher level than traditional finance.
As the fight for regulatory clarity in Australia continues, Binance Australia's CEO Leigh Travers believes that a framework like this will demonstrate that the crypto industry "takes itself to a higher standard" than many expect.
Travers spoke on Tuesday about the present situation of local crypto regulation activities and how the lack of clarity limits the prospects available in the industry.
The Commonwealth Bank of Australia (CBA) postponed a pilot programme for its crypto trading services indefinitely last month, citing a lack of clarity as the cause. Despite the fact that there are no laws specifically forbidding CBA's new service, Australian financial regulators have called for a halt to the services due to a lack of consumer protections.
They can't show their viability unless there are restrictions in place to allow them to function. For various reasons, according to Travers, the crypto business is already ahead of established financial regulatory systems, and new legislation should reflect this. He believes "the crypto business wants to see regulation" for a legitimate reason, according to him.
Travers believes that a wise regulatory structure would make Australians aware of the higher standard. Whether or not new restrictions are enacted, blockchain analysis firm Chainalysis stated in January that "cash is still king" when it comes to financial crimes.
Another reason the crypto business differs from traditional finance, according to Travers, is that cryptos like Bitcoin (BTC) and Ether (ETH) do not simply fall into any current property or financial product classification. In Australia, cryptocurrency is currently classified as property.
As decentralisation grows, Travers believes the barrier between crypto and other assets will blur, adding that "crypto fits across different goods," adding to the difficulty of appropriately regulating it.
In the short term, he acknowledged that the future of NFTs is still uncertain, and that they will most likely continue to be simple art pieces, but that the long-term consequences for property rights and intellectual property were far-reaching. "NFTs are going to be massive," he said. Disney's enormous size is due to its intellectual property."
Despite the current price drop, which has seen BTC go below its realised price for the first time since March 2020, Travers remains optimistic about the business. "Crypto will struggle in the short term since so much is macro-driven," he said, but it'll only be a matter of time until the tide turns back in favour of the bulls.
