Although Australia has a reasonable number of crypto exchanges and startups operating within, the regulatory waters are still muddy and need purification if the ecosystem will ever get to its peak.
Impressively, Alex Saunders, a crypto enthusiast who runs a news publication covering the industry’s development in Australia told BlockCrypto, that he is embarking on a journey to bring calmness to the country's crypto industry.
As per the report, Saunders is currently preparing his speech for the Australian Treasury and other top government offices with the primary purpose of convincing them that the crypto industry has a good side despite the negative news always carried by mainstream media.
He moved to explain the state of crypto regulation in the country in recent times, outlining first that banks clamped down on crypto exchanges, then there was another clampdown for KYC implementation on crypto businesses.
The latest according to him is a national crackdown on crypto businesses as seen in the rejection of the Australian Stock Exchange to list local firm, Bitcoin Group.
However, Saunders believes the crackdown is because authorities do not have a clear understanding of the industry. He said in the report,
“The [government] doesn’t understand it all. For them, BitConnect [a popular crypto scam] is the same as every other ICO.”
Understandably, the recent court case of a crypto fund manager accused of $14.2 million losses by clients and the halt of two crypto exchanges allegedly involved with a drug trafficker isn't helping the movement.
However, to water down these ugly scenes that paint crypto as mainly negative, Saunders plans to provide Australian authorities with a list of crypto projects in the country who are thriving despite all odds.
Also, he plans to suggest that regulators adopt a Sandbox approach, likely similar to what Bahrain has, where all viable ICO projects are watched for sometime before they get permission to sell their token to mainstream investors.
Conclusively, Saunders notes that the outcome of his meeting with Australian authorities will have a significant impact on the crypto industry — either the long-awaited breakthrough or “crackdown on everything” if regulators decide to classify “all ICOs as securities.”
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