Bamboo is a popular micro-investment app in Australia, but their negative sentiments towards the Australian Securities and Exchange Commission might soon see them listed in the United States. CEO of Bamboo Blake Cassidy claims that the Australian Securities and Exchange Commission makes it very difficult for cryptocurrency firms in Australia to get authorized. The process is too complicated, and many feel that there is a bias within the Australian Securities and Exchange Commission to authorize crypto firms. Cassidy adds that this is causing a lot of brain drain in Australia, where the best minds are moving elsewhere to realize their cryptocurrency dreams and projects.
These comments from Blake Cassidy are even more significant as they come right after Bamboo concluded a $3 million Series-A funding round. The top participants in this funding round included big names from the Australian crypto circuits – VP Capital, Mountain Ash Investment, Orthogonal Trading, and more.
The Australian Securities and Exchange Commission was attacked for bias against crypto firms in the past as well. From NFT platforms to cryptocurrency exchanges, everyone feels the difficulty of doing crypto-related business in Australia. In the past, the Australian Securities and Exchange Commission had also issued a warning to investors in digital assets, saying that they can be extremely volatile with no clear ownership rules. Such comments from an Australian regulatory body are surprising, considering the fact that it is one of the top countries in crypto-adoption rate.