Alex Saunders wants to provide Australia with regulatory crypto framework

20 Mar, 2019
by Joeri Cant
Alex Saunders wants to provide Australia with regulatory crypto framework

Alex Saunders, CEO and founder of popular crypto blog, NuggetsNewsAU, wants to become a government partner in order to provide the Australian government with a regulatory framework for crypto.

According to The Block, Alex Saunders, a pharmacist-turned-crypto veteran, wants to become a government partner to provide the regulatory framework for crypto. 

In doing so, Saunders hopes he can help provide a level of approval for legitimate crypto businesses, which schould include cryptocurrency exchanges, complete with audits and transparency checks.

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According to Saunders, the Australian government doesn’t understand cryptocurrency at all.

'For them, BitConnect, a renowned scam, is the same as every other ICO', he said.

'The worst case scenario is if they say all ICOs are securities', Saunders adds. 'Doing so could put everything from crypto YouTubers to PowerLedger in legal breach.'

Saunders has the intention to show the government his large database of the country’s crypto startups, making a clear difference between the 'dodgy' and the legitimate companies, based on his team’s due diligence efforts.

Saunders and his team have a plan to convince the government to implement a sandbox period, trialing Saunders’ proposal of relaxed regulation.

'We’ve got a lot of trust and power from the community from what we’ve done.'

Read more: Binance Lite allows Australians to buy crypto in newsagents

Anthony Sassono, who runs information site EthHub from Melbourne, added:

'I think that the government needs to strike the right balance between regulation and letting teams innovate in the highly experimental cryptocurrency space', he said.

'If they create a situation where companies/startups feel like they’re being choked by unfair regulation then Australia may lose this business to more regulation-friendly countries.'

'The stakes are high', Saunders says.

'Australia could become the next Malta, a breeding ground for the next wave of technology with regulatory open arms. Or, there could be a crackdown on everything.'

Not something anybody is waiting for.

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