1 year ago
Australian crypto exchanges person praised plans from the Australian Treasury to modulate cryptocurrency exchanges nether pre-existing fiscal services licensing measures.
In an Oct. 16 consultation paper, the Treasury outlined a caller suite of projected regulations, that suggested regulating cryptocurrency exchanges nether existing fiscal services rules arsenic good arsenic introducing a wealthiness of caller guidelines for each Australian firms dealing successful integer assets.
Speaking astatine the Australian Financial Reviews Crypto Summit event connected Oct. 16, Australian Treasury Stephen Jones said the caller authorities was focused connected 3 superior areas: providing a model for manufacture maturation and innovation, allowing regulatory certainty to crypto work providers, and ensuring that mundane consumers and their assets stay protected.
Australian crypto exchanges volition beryllium regulated nether pre-existing fiscal services laws, suggests the latest consultation insubstantial from the Treasury. https://t.co/V1Dr8DeZF8
— Cointelegraph (@Cointelegraph) October 16, 2023Caroline Bowler, the CEO of BTC Markets told Cointelegraph she was pleased to person reached a caller “key milestone” successful the regulatory process and regarded the rules arsenic a affirmative progression for the wider crypto manufacture successful Australia.
“It’s a large adjacent measurement for the Australian economy. Digital assets are truthful intelligibly the aboriginal of fiscal services. It is imperative the state keeps gait with our planetary peers, with a robust regulatory framework,” said Bowler.
Similarly, Adrian Przelozny, the CEO of Independent Reserve commended the Federal authorities connected its recommendations to present stronger regularisation and argumentation change, telling Cointelegraph that these caller proposals could assistance reconstruct spot successful the crypto sector.
“We firmly judge these changes volition thrust investment, supply certainty to the assemblage and ultimately, summation user protection.”The wide counsel of Swyftx, Adam Percy, besides agreed with overmuch of the Treasury’s proposals, saying the superior absorption should beryllium ensuring that crypto investors tin safely entree the benefits of blockchain technology, portion inactive allowing country for innovation.
However, Jonathon Miller, the Managing Director of Kraken Australia, told Cointelegraph helium was acrophobic that the caller rules would beryllium stuffing the crypto manufacture into a TradFi-shaped box.
“Australia is present successful the unfortunate concern wherever our regularisation has taken a precise agelong time, truthful we’re taking the attack of shoehorning crypto into existing fiscal services regulation,” said Miller.
Related: Rejection of crypto measure exposes Aussies to ‘unregulated market’ — Senator Bragg
Still, Miller admitted that the consultation insubstantial was a measurement successful the close direction, particularly for providing much-needed regulatory certainty for crypto companies operating connected Australian soil.
“We’re down our planetary peers erstwhile it comes to implementing a crypto framework, truthful I admit the request to person thing successful spot locally to supply certainty to platforms similar ours,” helium added.
Liam Hennessy, a spouse astatine Clyde & Co — an planetary instrumentality steadfast that has been assisting successful the consultation process — said that the newest connection from the Treasury “makes sense” for the Australian crypto industry.
Hennessy explained that the caller rules volition assistance the federation drawback up to jurisdictions specified arsenic the European Union who are further on successful their efforts to amended modulate crypto.
Additionally, helium said the Australian Financial Services (AFS) licensing authorities tin beryllium rather complicated, meaning that section cryptocurrency exchanges and integer plus work providers volition request to statesman preparing their applications now.
Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.
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