Speaking with CNBC, M.H. Carnegie & Co’s. Mark Carnegie discussed the uncertainty of cryptocurrency regulation in Australia. The corporate advisor and founding partner of the asset management firm, in an attempt to get greater regulatory clarity, has “pleaded” with the Australian government, but to no effect.
Crypto Business migrating to Singapore
Carnegie noted that Australian businesses are heading to Singapore and that while some individuals would like a different type of regulation than what is in place in Singapore at the time, the fact that there is no ambiguity or uncertainty gives everyone working in this field the confidence they need at the moment. Ultimately due to a lack of certainty over the rules and regulations, the corporate advisor had to make the move himself.
Flexibility provides more certainty
Discussing whether there is a process to speed up the regulation in Australia because the matter is so complicated, whether it is a question of governments working more closely with the participants in order to accelerate the process. Carnegie responded that it is really complicated and that governments must make difficult decisions here in terms of protecting citizens and safeguarding the financial system. He said that he is not someone who believes that cryptocurrency should be left fully unregulated and that it is very important for a variety of reasons that regulation be put in place. He added: Other countries, such as Singapore and Switzerland, he noted have stated that they are taking the position that they will provide more flexibility to parties, so for instance, a firm is not left in the situation where they feel like they are going to have the rug pulled out from under them after making a series of business-related decisions. Watch the video: Crypto businesses can’t be run amid Australia’s regulatory uncertainty
