“When the driving force behind something consists of consumer trust and investors’ confidence, then no hurdle is good enough restraint which can stop the highly progressive economy of crypto to reach its ultimate destination.” These are the words of Joe Longo from Australia who is heading the Securities & Investments Commission of Australia (SICA).
It is usual for ahead of a regulatory institution to discourage the crypto market, its economy as well as its investment. However, even if regulators are not pleased with crypto, yet it is currently the highly progressive economy and industry of the world. This very fact has been duly acknowledged by ahead of the Australian regulator of securities and investments.
Joe Longo, who is the current Chairman of the Securities & Investments Commission of Australia (SICA), has been thinking very positively about cryptocurrencies. He attended an international level summit which was held in Sydney on 22nd November 2021. The subject of the summit was to publish and then invite debate on the Annual Financial Review of Australia.
The first comment he made was informing the investors to be extra-cautions when dealing with cryptocurrencies. He admitted that neither SICA nor any other Australian authority or Government has any mechanism in place for safeguarding crypto investors. After this comment, he went on to appreciate crypto-said things which normally regulators do not suggest.
Longo commented that he has been watching that many regulators in the world oppose cryptocurrencies. There have been many hurdles that too have been placed in the path of cryptocurrencies’ progress. However, so far, crypto has been crossing these hurdles without any difficulty at all. He opined that to him it is proven that no restraint is good enough which can stop the continuous progress of cryptocurrencies. He then discussed the reason why nobody could even remotely affect cryptocurrencies’ progress. The obvious reason for him was the driving force behind digital currencies.
He opined that from the past three odd years, because of Bitcoin, cryptocurrencies have obtained consumer confidence. Additionally, with its continuous progress, investors’ confidence too was acquired within the past three years. Until both these forces are behind crypto, fully endorsing it, it is impossible to even think that people will ever ignore cryptocurrencies.
He further suggested that it is surprising that investors are willing to take risks even if they know crypto is volatile. Longo stated that crypto is out there, knocking at everybody’s doors. It doesn’t leave the ground until the door is open or it will continue to wait till the attendee lets it in eventually.
At the end of his comments, he however suggested that SICA is coordinating with Australian lawmakers. Australia needs laws that subsequently encourage crypto and, at the same time, provide consumer/investor protection.