The head of the Australian Securities and Investments Commission said the growing demand for cryptocurrencies was "hard to ignore".

Australian Securities and Investments Commission (ASIC) Chairman Joe Longo addressed the Australian Financial Review Super and Wealth Summit at the Fullerton Hotel in Sydney on Monday.

He said the rise of cryptocurrencies "is the best and cannot be ignored."

Longo, chief operating officer and chief economist, admitted he was favored by DAOs, which are stand-alone organizations. He said this poses a problem for national regulators such as ASICs.

“To use terms familiar to the lawyers involved, on whom should ASICs depend to determine the conduct and thinking of the DAO? Unknown, the responsibility lies with the DAO itself.

Longo recognizes that Australian consumers are more demanding on crypto products and services, and points out that ASICs are still an important factor in deciding the rules of the crypto industry. “However, from a legal standpoint… a policy related to crypto is about to be put in place and we are responding to consumers and consumers with unprecedented needs.”

While his remarks were a warning to investors, the president said that the recent acquisition of Commonwealth Bank in the cryptocurrency market providing business opportunities for investors. .

“In fact, Australia's largest bank has come up with a way for retailers to access cryptocurrency. Yes, it's just an experiment, but the problem is, in fact, the controversy no longer prohibits the financial services industry.

Australia's interest in blockchain appears to have increased in recent months. On November 19, the governor of the Federal Reserve said he was more concerned about the disappearance of the rise of the new technology than about the risks associated with its adoption. Already on November 2, the Australian Senate praised the industry, praising Australian crypto supporters for their drive to retain power.