The Australian Securities and Investments Commission (ASIC) has appointed a panel to investigate the ASX blockchain project failure, initially aimed at replacing the CHESS settlement system.
Panel Appointment
ASIC has set up a three-member panel to investigate the failed blockchain project of the Australian Securities Exchange (ASX), which aimed to replace the CHESS clearing system. The panel will be led by Rob Whitfield, with members Christine Holman and Guy Debelle, focusing on governance and risk management.
ASX Investment Losses
The failed ASX blockchain project resulted in losses of approximately $163 million. ASX also announced a broader loss of $250 million. An ASX spokesperson stated that "We welcome the regulator’s announcement and vow to engage constructively with the panel members throughout the investigation."
Conclusions and Future of Blockchain in Finance
The investigation highlights the necessity for careful regulatory evaluations of future blockchain initiatives. Lessons learned from this incident could improve institutional blockchain strategies and foster effective market advancement.
The ASX blockchain failure emphasizes the importance of thorough regulatory evaluations for future projects. This may help minimize financial losses and effectively advance market technologies.
