Over the past week, Australia has seen major changes in its attitude towards crypto. From senator Jane Hume openly lauding crypto and decentralized finances to the commonwealth bank taking a stance in favor of crypto, much has happened in Australia. It is indicative of a changing trend in Australia, where laws and compliance rules make it very difficult for entrepreneurs to set up crypto businesses. Many leading crypto entrepreneurs in the country complained about it and said how it is forcing entrepreneurs from Australia to migrate elsewhere. However, the emerging pro-crypto wave might change the scene before long.
CEO of the Commonwealth Bank of Australia Matt Comyn said that while there are risks in cryptocurrency, the greater risk is that of missing out from its benefits. The Commonwealth Bank of Australia is among the top four most important banks in the country. Coming from them, the change in inclination would have a major effect on other banks and the overall Australian economic landscape. It is now set to be the first major bank in Australia to offer services in digital asset management. Comyn also said that the Commonwealth Bank of Australia has bigger plans for its digital asset arm in the future.
Interestingly enough, this decision comes at a time when the Australian Securities and Investments Commission (ASIC) has said that they will not oversee the crypto sector now. The commission also added that investors should be very cautious while investing in crypto. How the tussle between banks and regulators turns out in Australia will determine the future of crypto in the country.