Australian Finance Minister says crypto could be regulated as financial product

Australia’s Finance Minister Stephen Jones has said there is “enough debate” about regulating crypto assets as financial instruments, The Sydney Morning Heral reported Jan. 23.

According to Jones, apart from Bitcoin (BTC), other crypto assets are mainly used as stores of value for investment and speculation. He said:

“[There is a] their good discussion[other crypto assets] It should be treated like a financial instrument. ”

The minister pointed out that the collapse of FTX shows the need for crypto regulation.

Jones added that there was no need to have “a completely separate regulatory regime for anything that is a financial instrument, for all intents and purposes.”

Australian minister Said The government will soon reveal the crypto assets it plans to regulate through a “token mapping” exercise.

Lobby groups oppose broad classification

Meanwhile, Australian cryptocurrency group Blockchain Australia is at odds with the Australian Securities and Investments Commission (ASIC) and the Commonwealth Bank over broadly classifying all cryptocurrency assets as financial instruments.

The lobby group reportedly said broadly classifying all crypto assets as financial instruments would harm investment and growth in the sector.The group also said this would lead to job losses in the industry. I warned you of the possibility.

Another lobby group, the Australian Bitcoin Industry Association (ABIB), claimed Grouping all businesses that interact with crypto into one category would complicate regulatory efforts for subsectors of the industry.

The Australian government recently stepped up its efforts to regulate the cryptocurrency industry following the collapse of FTX.government promised Establish a framework to guide licensing and regulation of cryptographic service providers.

Posted In: Australia, Regulation

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