Like most other countries in the world, Australia wants to foster financial innovation, as well as give homegrown startups a fighting chance for success abroad. With the Fintech and Bitcoin sectors both driving innovation to a new level, it only makes sense financial regulators are playing close attention to the proceedings in these industries.
At the same time, it is of the utmost importance for regulators to ensure they do not stifle innovation either. There is a thin line to walk between being too lenient and too harsh regulation, and collaboration in this space is direly needed. This is why it is noteworthy how the ASIC and the MAS are in talks already, and both parties are quite excited about the future collaboration.
http://www.newsbtc.com/2016/04/11/asic-singapore-collaborate-fintech-bitcoin-regulation/
