The CEO of Binance in Australia, Leigh Travers, has noted that crypto is doing better than traditional finance, and changing Australia’s government will deteriorate crypto regulations.
He also believes that the fight for crypto regulatory clarity makes the crypto industry hold its standards on a higher level.
Travers reported to Cointelegraph that the opportunities in the crypto industry are restricted since the crypto regulatory efforts are unclear.
Unclear Regulations Pause Crypto services
The Commonwealth Bank of Australia (CBA) stopped its trading services with crypto last month. The reason for quitting was unclear, but the Australian financial regulators said it was due to a lack of consumer protections.
Travers says that crypto needs the regulations since crypto customers need to prove that crypto is on a higher level than traditional finance. He also believes setting up regulatory schemes will clarify the high crypto level to Australians.
Cryptocurrencies are not classified as property like other financial products, and this distinction will increase with time as decentralization also increases. However, cryptos can fit into many products, making it complex to regulate them.
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Travers proves Bullish on Crypto
Travers also said that the local industry could be at a loss for Andrew Bragg, a champion on crypto’s liberal side since the Labor Party has taken over for the first time in nine years.
The former Liberal party gave the industry high-paying jobs and built the economy. Travers is worried that this will be absent in the Labor party since it has not focused on crypto or blockchain. It is going to be hard to provide services if crypto regulations are going to remain unclear.
Travers also mentioned the role of nonfungible tokens (NFTs) in society. He noted that NTFs would become enormous intellectual property, which is why Disney is a large company.
The ongoing price crash of Bitcoin has proven Travers to be bullish on the crypto industry. He said that crypto would struggle as it is majorly macro-driven for the time being before the prices go back to the bulls. Crypto will then have many opportunities when everything has been sold off.