The Australian government says it is closely monitoring the fallout from the FTX collapse.
Michael Bacina, Digital Asset Specialist at Piper Alderman lawyers told Cointelegraph that regulation was the only way forward to re-establish the much-needed trust in trading platforms:
While Danny Talwar, the head of tax at crypto tax platform Koinly added that a robust regulatory regime may fill in the holes where retail investors are left to be exploited: “[But] the challenge will be ensuring that regulation does as intended to effectively protect consumers without suppressing industry growth,” he added.
The regime would include “capital adequacy and auditing standards to demonstrate the operational integrity” of trading platforms, which Talwar stressed is of great importance given that many exchanges are offering high yield products at a heightened risk in order to gain a competitive edge.
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