The Australian Securities and Investment Commission, or ASIC, encourages local blockchain and crypto companies to work with regulators to help them innovate in the region.

Speaking Monday at the Blockchain Conference in Australia, Jonathan Hatch, Senior Strategic Intelligence Adviser at ASIC, emphasized that the regulator is trying to build trust and work with the crypto economy.

Expert Kevin Saunders, chief investment officer at Monochrome Asset Management, said that while the blockchain sector could do more to understand the ASIC rules, the committee needed more clarity on the industry’s commitments.

Saunders sought to preserve the lack of transparency in the current regulations, describing industry oversight as “a very short time for large enterprises to deal with.”

Commenting on concerns in the sector, Chloe White, head of the National Blockchain Roadmap, agreed that it is difficult for industry stakeholders to keep up with the current regulatory environment.

Justin Amos, CEO of digital finance company Lygon 1B, added that regulators need to work together to support new technologies, not try to stifle new industries through onerous regulation.

The Australian government has already supported blockchain projects by awarding two grants totaling $ 3 million at the end of March to blockchain teams focused on mineral certification and tax solutions.

In November 2020, the Reserve Bank of Australia announced a partnership with the Commonwealth Bank, National Australia Bank, Perpetual Financial Services Corporation and Ethereum ConsenSys software company to explore potential uses of the central bank’s digital currency.

In January 2021, Cointelegraph predicted that Australia would be one of the first five countries to launch a central bank digital currency due to the favorable blockchain environment.