The CEO of the fintech company lamented Australia’s inflexible licensing regime for crypto products and the lack of clarity in the regulatory infrastructure.
Charlie Karaboge refers to a lawsuit filed by the financial services regulator against Block Earner for providing unlicensed cryptocurrency investment products.
The Australian Securities and Investments Commission (ASIC) has expressed concern that Block Earner offers products without the required registration or AFS license, which the regulator says leaves customers unprotected.
The CEO assured that his company welcomes the rules and regulation as such and has spent significant resources to accelerate the creation of a regulatory infrastructure for the cryptocurrency industry in Australia. However, the legislation is still not working as Australian regulators are not doing their job properly.
“In an ideal situation, we would offer crypto products in a regulated sandbox, with clearer licensing regimes. We expect that in the future we will be able to cooperate more freely with ASIC and other regulators,” Karaboge said.
Earlier, ASIC suspended the financial operations license of the local subsidiary of the bankrupt crypto exchange FTX. The license was suspended until May 15, 2023.
Source: Bits
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