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Commonwealth Bank of Australia set to offer crypto based services while ASIC holds no FOMO





The Commonwealth Bank of Australia (CBA) is set to become the first of the "big four" banks in Australia to offer crypto-based services, after the company announced on Nov, 3 that it will support the trading of 10 digital assets directly via its banking app.

According to Cointelegraph, Matt Comyn the CEO of the Commonwealth Bank of Australia (CBA), said on Friday, Nov 19. while answering the question on the CBA's take on the crypto sector that the bank is more concerned about the risks of missing out on crypto than the bank is more concerned about the risks of missing out on crypto than those associated with its adoption.

"We see risks in participating, but we see bigger risks in not participating. It's important to say that we don't have a view on the asset price itself, we see it as a very volatile and speculative asset, but we also don't think that the sector and the technology are going away anytime soon."

Comyn also suggested that there will be much more to come from the CBA's crypto adoption play, as he highlighted that the bank sees many use cases from blockchain tech, along with strong demand from consumers.

"And so we want to understand it, we want to provide a competitive offering to customers with the right disclosure around risks. We want to build capability in and around DLT and blockchain technology," he added.

Austrian Senator Says DeFi is Here To Stay, And Australia Must Not Be Left Behind

However, Jane Hume, an Australian politician, spoke about Decentralized Finance (DeFi) on Monday at the Australian Financial Review Super & Wealth Summit in Sydney.

In her speech, she referenced the Reserve Bank of Australia (RBA) calling crypto a fad. And she emphasized that it most certainly is not. She further urged policymakers to cautiously embrace blockchain technology like DeFi rather than act fearfully - because it is not going away anytime soon.

The Liberal Party Senator explained that Defi would present incredible opportunities. and Austria must not miss out on these opportunities for fear of the unknown.

The Senator's speech comes just days after Tony Richards, the Reserve Bank of Australia's outgoing head of payments policy, called crypto a fad. In a speech last week, he predicted a future with people being less influenced by these digital currencies with "no issuer, no backing, and highly uncertain value." Instead, they would lean toward currencies that regulated bodies issue.

Senator Hume, however, called Defi an emerging and rapidly evolving area of financial technology with many opportunities. She said that embracing blockchain technology will drive the country's economy forward. And also cement Australia as a frontrunner for innovation and economic progress.

ASIC holds no FOMO and can't regulate the sector

While the Commonwealth Bank of Australia appears to be bullish on crypto and distributed ledger tech, the Australian Securities and Investments Commission (ASIC) has urged for investor caution while also noting that it is unable to oversee the sector.

Speaking at the Australian Financial Review Super & Wealth Summit on Nov. 22, ASIC chairman Joe Longo suggested that the financial enforcer cannot regulate crypto as the asset class currently does not fall under the scope of "financial products" in Australia:

"The demand-driven nature of the rush into crypto has thrown up some unique challenges. At present many crypto-assets are probably not 'financial products, making it difficult for financial advisers to offer counsel."

"ASIC has already provided some guidance on exchange-traded funds linked to crypto-assets - they at least are financial products and traded on a licensed exchange, so there will be some protections there - but for the most part, for now at least, investors are on their own," he added.

In Longo's personal view, he urged local investors to pursue crypto with great caution, noting that "the maxim 'don't put all your eggs in one basket comes to mind." However, he also emphasized that the crypto proposals put forward by the Australian Senate last month were the right move for the local climate.

"Wherever we land from a policy perspective, Senator Bragg's committee was right to highlight the fact that crypto is no our doorstep, here and now, and being driven by extraordinary consumer and investor demand," he said.


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