While the regulation in the crypto industry is still in pipeline, Binance Australia’s CEO Leigh Travers thinks that crypto laws will prove the crypto industry “holds itself to a higher standard” than many believe.
As per reports, Travers discussed the existing local crypto regulatory attempts and how the opportunities available in the industry are limited by vagueness in crypto laws.
As per Travers, it was due to this vagueness that Commonwealth Bank of Australia (CBA) postponed its crypto trading offerings in May. Australian financial regulators opted for a halt on the services seeing the volatility of the market and absence of any regulations.
In Travers’ view, the crypto industry is a step ahead from traditional financial laws for many reasons, and he thinks new regulations should reflect that. Adding on to this, he said that people in the crypto industry want regulations as a reason to prove ‘that they hold themselves to a higher standard than what people think they actually are.’
Travers’ calls for a strict regulation for making that higher standard obvious to Australians.
Travers cited one more difference between traditional finance and crypto which is that cryptocurrencies do not fit into any current category for property or financial products. Note that cryptos are currently classified as property in Australia.
Travers said that this difference could only grow over time as decentralization increases. He added that “crypto falls under different products,” which makes it difficult to regulate it.
Touching upon politics, Travers called Senator Andrew Bragg as one of the pioneers for crypto on the Liberal side. He said that the former majority Liberal Party saw the industry as a positive one with its ‘high paying jobs and contributions to the economy’.
He claimed that because the Labor Party is not ‘immediately focused on blockchain or crypto,’ the ongoing regulatory efforts will slow down significantly. The slowed down efforts will put the domestic industry at a disadvantage.
All in all, Travers sounded bullish on crypto and demonstrated his belief in nonfungible tokens (NFTs) and the different roles it can play in future.
He stressed upon how the nature of NFTs is still uncertain and would possibly continue to be simple art works. However, NFTs have far-reaching implications with its intellectual property rights. He gave an example of how Disney is such a huge company thanks to its intellectual property rights.
In view of the crypto crash, he sounded more optimistic as he said, “When the fear of higher interest rates is diminished, crypto will catch that wind and make more opportunities when everything has been sold off.”
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