The failed attempt by the Australian Stock Exchange (ASX) to replace its Chess settlement system with a blockchain-based alternative is set to be investigated by the Australian Securities and Investments Commission (ASIC).
The US$170 million project was first announced back in 2015, making it one of the first large-scale implementations to involve blockchain technology.
However, after a series of delays, the project was eventually abandoned in 2022. The ASIC investigation will centre on whether the exchange’s directors breached their due diligence obligations under Australia’s Corporations Act.
The regulator will also be examining whether there was misleading or deceptive conduct or if false documents were produced.
The exchange released a short statement in response, stating that it “takes its obligations very seriously and will cooperate fully with ASIC”.
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