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Technology has transformed many industries with the financial industry being no exception. The
intersection of finance and technology is referred to as �FinTech.�
Among the new FinTech innovations being introduced in the past decade, digital currency Bitcoin and
its digital ledger Blockchain technology has attracted great attention. According to a new survey, a
majority of participants said Blockchain has the potential to change markets within the next five years.
Financial and technology firms are expected to invest more than $US1 billion in 2016 to bring
Blockchain technology to capital markets.
While the industry sees enormous potential for Blockchain in Financial Services, especially for its
potential to rewrite the industry rule book, it also has the lowest level of familiarity from industry
participants relative to other FinTech innovations: 83% of respondents to a survey conducted by PWC
are at best �moderately� familiar with it and only very few consider themselves to be experts.
Question: Identify and explain possible regulatory responses by financial regulatory authorities in
Australia, in response to the Blockchain technology being used in secondary markets.( RBA, ASIC, APRA,FSI etc.)