"Every big bank across the world is seeking out methods to incorporate digital currencies into their operations," he stated. Tokenization of assets is more important for financial institutions than providing direct trading services for cryptocurrencies.

Despite this, OSL suppressed information concerning particular Australian financial institutions. The failure of FTX and the ramifications that followed have not dissuaded a significant number of investors.

Although Hiriart admitted that new financial resources might not be invested for some time, he added that "however, nobody is blinking from a technological point of view."

"If nothing else, it will probably make it possible for the guard rails [regulatory] to be tightened sooner rather than later. It is obvious that the second scenario would have taken place even if the FTX scandal hadn't taken place.

The Commonwealth Bank And Their Offering of Cryptocurrency

Last week, the Chief Executive Officer of Commonwealth Bank, Matt Comyn, stated that he was "shocked" by the failure of FTX. On the other hand, he would not completely dismiss the possibility of launching cryptocurrency-related businesses in the event that there is a market for them.

A recent report by the SMH disclosed that some professionals in the industry had reservations about the bank after it began permitting trading in cryptocurrencies. In November 2021, the bank made the initial announcement that it would conduct a test of its cryptocurrency trading initiative for customers in Australia.

However, Mark Nathan, a top-level executive with Regal Funds Management, argued that CBA might one day not permit cryptocurrency trading as a service. He made this assertion in the context of the company's argument.

Given the regulatory issues that banks are currently dealing with, it is highly likely that they will come to the conclusion that this is not a market segment to which they would like to offer their services.

Angus Gluskie, who is also well-known in the industry, is an analyst who has shared similar insights. According to him, the bank is not even close to finishing the development of its cryptocurrency trading product.

An analyst at Credit Suisse named Jarrod Martin argued that in the event that the cryptocurrency industry is subject to regulation, the Commonwealth Bank would be the most suitable provider. Despite this, investors in cryptocurrencies across the globe, including those in Australia, are remaining cautious as the ongoing crypto winter shows no sign of abating any time soon.