Australian banking regulators discuss local crypto regulations

The Australian banking regulators have recently announced their intention to address the increasing usage of cryptocurrencies across the country. With a variety of entities and individuals making use of digital assets such as Bitcoin, Ethereum and Ripple, in recent times both consumer protections authorities and financial crime watchdog teams within Australia’s top banks have affirmed that they will be taking steps towards greater control over cryptocurrency matters. As such, this article shall endeavour to explain why these changes are necessary — focusing on investor safety along with regulatory readiness for multiple international jurisdictions — while also delving into any alternative avenues that crypto entrepreneurs might need to pursue if pushed out from mainstream banking services.

The meetings took place in Canberra and Sydney and touched on the government’s token mapping efforts.

The Reserve Bank of Australia and Treasury recently held exclusive meetings with executives from Coinbase, touching upon potential crypto regulations in the country. When responding to Cointelegraph’s inquiry on the matter, a RBA spokesperson confirmed these confidential gatherings had indeed happened between their Payments Policy and Financial Stability teams this week “as part of our ongoing connections with industry players.”

Tom Duff Gordon, the Coinbase vice president of international policy, flew to both Canberra and Sydney for meetings with Treasury.

According to Gordon, the conference focused on forlorn token mapping attempts from the government’s side and Coinbase had a bonus of providing knowledge about international licensure policies and custody solutions.

On Aug. 22, the Australian Treasury launched its Token Mapping Exercise to appropriately integrate digital assets into existing regulatory frameworks. This exercise is designed to effectively categorise these digital resources and ensure they are compliant with current regulations.

On Feb. 3, the Treasury submitted a consultation paper to the crypto industry in order to gain valuable insights and responses for their research.

Gordon applauded the Treasury’s efforts, commending them for their “exceptional expertise and proactive participation,” saying:

“The Australian Treasury’s token mapping exercise provides one of the most detailed and thoughtful papers we have encountered on the topic, setting a strong foundation for their forthcoming draft rules for crypto exchanges and custodians.”

Gordon eagerly anticipated the unveiling of the rules later in 2021, and complimented Treasury for laying a substantial foundation.

In opposition, Coinbase co-founder and CEO Brian Armstrong has been vocal in his disapproval of the United States’ strategy to cryptocurrency regulation. He stands by claims that the SEC is “regulating by enforcement” and argues that there isn’t a feasible way for firms to register with them but yet they still want it done.

According to documents acquired by the Australian Financial Review through freedom of information laws, crypto legislation in Australia is predicted to be prolonged past 2024 and beyond. The cabinet’s final submissions are not expected until late this year.

On October 4, 2022, Coinbase proudly set foot in Australia with Nana Murugesan – the Vice President of International and Business Development – expressing his admiration for Canberra’s open-mindedness when it came to policies. This marked a major milestone for Coinbase as they continued their mission towards global expansion.

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