Australia is home to one of the most successful and largest Securities Commissions in the world. The government agency is recently working on a blockchain settlement scheme for standardizing the project on a national scale. In the lieu of this settlement scheme, the financial corporations present in the region would be able to conduct business using cryptocurrencies.
It will also enable the commercial enterprises hailing from the Kangaroo Kingdom to use cryptocurrency reserves as leverage or collateral. ASX is using a third-party platform called Synfini that is capable of handling large-scale cryptocurrency transactions for corporate and enterprise usage.
The commissioner at ASX has told the media that several Australian corporations have started to show an interest in adopting the new model. One such statement reads that working with cryptocurrencies is a new venture for ASX. The regulatory agency further added that the blockchain settlements project is created with a big budget.
The General Manager of ASX Paul Stonham further clarified that to keep the cryptocurrency settlements legal the exchange has invested in creating a personalized blockchain. He further claimed that businesses in the region have started to line up showing an interest in creating partially decentralized projects on the blockchain that will operate under the purview of ASX regulations.
ASIC Employs Blockchian Technology
The approach of ASX toward cryptocurrency regulations is unique and all eyes are on the project to see its benefits and limitations. Ryan McCall, the CEO of Zerocap told the media that the blockchain adoption by ASX has opened up new opportunities for commercial and retail cryptocurrency users. He further claimed that the ASX blockchain settlement scheme is going to ensure greater protection for the investors at the same time it will also ensure that all trade transactions are securely recorded.
According to some media sources, the public deployment of the ASX blockchain has been postponed until 2024. At present, the securities agency is working on researching various factors that can impact the change of pace and ensure that all factors are variables are considered before it is launched on a public scale. However, considering that the project was delayed five times on account of technical difficulties the project might be suffering from political pressure as well.