On June 17, Charlie Karaboga, co-founder of Australian crypto startup Block Earner, argued that regulation through enforcement action often produces the worst results, not only for regulators but also for users, as it imposes a stigma on industry companies.
Karaboga stressed that while regulators have an obligation to protect consumers and investors, in carrying out their mandate they must distinguish between malicious actors and well-meaning innovators, and stakeholders in the Australian cryptocurrency market hope that the court's decision not to punish Block Earner will encourage the Australian Securities and Investments Commission (ASIC) to take a less aggressive stance. Likewise, stakeholders expect the ASIC setback to prompt Parliament to establish "clear rules that allow us to operate legally here".
Block Earner Co-creation: Regulator ASIC's previous setback will advance the Australian crypto legislative process
2024-06-17 05:44:47
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