With regulatory certainty facing hardships upon establishment, Head of Binance Australia Leigh Travers reportedly shares a belief that achieving it will be a sign of the crypto sphere “holding itself to a higher standard”.

Specifically, the perspective was reportedly shared via a speech from Travers on June 14th, regarding the existing state regarding local crypto regulatory efforts, along with the way the opportunities are visible in the sector are restricted by the clarity insufficiency.

That clarity insufficiency was reportedly referred to as the driving force for the action from the Commonwealth Bank of Australia (CBA) to delay indefinitely a pilot program for its crypto trading services in May. 

Despite the fact that rules on the books that support the direct barring of CBA’s new service is not available, financial regulators in Australia pushed for a halt on the services due to consumer protections not being put in place.

Without the regulations in place to allow such crypto services to operate, they cannot prove their viability.

Per Travers’ perspective, the crypto sphere has already been in the leading position to the traditional financial regulatory regimes for a variety of reasons, and he believes new regulations should be a reflection of that. In his idea, “the crypto industry wants to see regulation” for a good reason. 

“People in crypto want to prove that they hold themselves to a higher standard than what people think they actually are.”

According to Travers, a regulatory regime would sufficient prudence would turn that higher standard apparent to local citizens. With or without new regulations, blockchain analysis company Chainalysis made it clear in January that when it comes to financial crimes, “cash is still king.”

In a different way of input, Travers reportedly claimed that the crypto sphere distinguishes itself from traditional finance in a way that, crypto like Bitcoin (BTC) and Ether (ETH) cannot be simply classified into any current classification for property or financial products. Cryptocurrency is currently categorized as property in Australia.