$15 Million Aussie ICO Deals with Regulatory Pressure

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An Australian company is preparing to launch the country’s first crypto exchange using an ICO. Yet, the Australian Securities Exchange (ASX) can’t seem to wrap its head around how the crypto exchange will work. ASX submitted 17 questions to Byte Power – the parent company of the crypto exchange – for more clarification. Some of the questions seem slightly obvious, and Byte Power has responded to those questions with a mild sense of humor. For now, it appears as if Byte Power has satisfied the ASX by answering its questions, and hopefully it will be left to carry on the development of its crypto exchange platform.

Australia Still a Tough Crypto Market

Australia has proven to be a tough market for crypto firms to open up. Due to the tight restrictions and controls put in place, crypto activity has so far been rather stifled. The government and local banks do believe in blockchain technology, however, at least according to reports. Recently, the Commonwealth Bank of Australia teamed up with the World bank to launch the first blockchain bond, being the first bond to be entirely operated using only blockchain technology. This implies that the banks and government are aware of the benefits of blockchain, but it appears the country is still bearish on the whole crypto and ICO front.

Clarke’s Disappointing Crypto Innings

Disappointing innings and Michael Clarke are very rarely used in the same sentence, but his first brush with ICOs left him receiving a torrent of abuse. ICOs are seen as rather dodgy in Australia and are often compared to the Ostrich farming craze of the 1990s. Celebrity endorsements of ICOs are very popular and celebrities often receive a huge payday for a simple tweet.

Paying Bills in Crypto

Australia might not be at the pinnacle of crypto adoption, but it certainly has a few interesting projects underway that are sure to make the rest of the world envious. One of such projects is the new partnership between Cointree and Gobbil, which allows Aussies to pay their household bills using a range of cryptos. Despite the companies requesting the bills not accepting cryptos, the partnership allows Aussies to send a crypto of their choice to the platform, which then automatically converts it to fiat and deposits it into the company’s account.
Australia continues to be a land of crypto skepticism. While many Australians wish to get involved in the crypto scene, regulators are quick to extinguish the flames of crypto innovation. Hopefully, the ASX will permit Byte Power to continue the development of its crypto exchange and give the Australian people their first native crypto exchange.