Australia's securities markets regulator is looking at the use of blockchain as part of broader data strategy.
Yesterday, the Australian Securities and Investments Commission (ASIC) released its "Data Strategy 2017-2020", outlining how the agency plans to "capture, share and use data" in the years ahead. It forms part of a wider "One ASIC" initiative, which aims to achieve greater connectivity between the regulator's various functions.
One notable element included in the report is that ASIC is exploring whether to use so-called "regulatory nodes" that would allow it to observe and gather data through blockchain networks. While document doesn't outline a clear strategy in this area, it nonetheless reveals how ASIC envisions potentially interacting with such systems.
As the document explains:
Though not explicitly connected to blockchain as of yet, ASIC revealed in the document that it wants to create "a repository of data assets and a register of current data."
The goal of that specific effort, the agency said, is to build "a consolidated view of entities we regulate" – something to which a network of regulatory nodes could possibly contribute.
Australia's has been actively analyzing and addressing issues surrounding blockchain in recent months. In June, the government released a pair of reports studying how to regulate the technology, as well as how it can be used.
Image via Shutterstock.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.