Australian crypto executives have urged caution over lumping all digital assets in the same boat as financial products, after recent comments from Australia’s assistant treasurer on the matter. Are regulators making a mistake?
Australian crypto executives have urged caution over lumping all digital assets in the same boat as financial products, after recent comments from Australia’s assistant treasurer on the matter.of the state of crypto regulation in the country in an interview with the Sydney Morning Herald published on Jan. 22.
Stephen Jones MP Assistant Treasurer and Minister for Financial Services. Source: Australian Labor Party website Speaking to Cointelegraph, blockchain and digital asset lawyer and Piper Alderman partner Michael Bacina cautioned that “a broad approach of classifying a technology as a financial product without a clear and usable pathway to licensing and compliance will likely send even more crypto businesses offshore and create more risk.”
Meanwhile, Holger Arians, CEO of crypto on-ramp provider Banxa, shared concerns that over-regulation could “seriously impact” the pioneering role that Australia has been playing in crypto.
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