Home Crypto News Coinbase met with Australian banking regulators over native crypto rules

Coinbase met with Australian banking regulators over native crypto rules

by Cryptoroz

The Reserve Financial institution of Australia (RBA) and Treasury have been holding non-public conferences with executives from Coinbase, with discussions revolving round the way forward for crypto regulation in Australia.

Responding to Cointelegraph’s request for remark, an RBA spokesperson confirmed latest studies that these non-public conferences had occurred, stating that Coinbase met with the RBA’s Funds Coverage and Monetary Stability departments this week, “as a part of the Financial institution’s ongoing liaison with trade.”

Tom Duff Gordon, Coinbase’s vp of worldwide coverage who was reported to have been flown in for the conferences, additionally confirmed to Cointelegraph that conferences befell with Treasury in Canberra and Sydney.

Gordon stated that the conferences touched on the federal government’s token mapping efforts, and Coinbase additionally “shared insights on international finest practices regarding licensing and custody.”

The Australian Treasury’s token mapping train was introduced on Aug. 22, 2022, and is geared toward categorizing digital property in a method to work them into present regulatory frameworks.

A session paper was launched by the Treasury on Feb. 3, for which the Treasury sought suggestions from the crypto trade.

Gordon praised efforts from the Treasury, noting that “The Australian Treasury groups proceed to impress us with their excessive degree of sophistication and energetic involvement,” and including:

“The Australian Treasury’s token mapping train offers one of the vital detailed and considerate papers we have now encountered on the subject, setting a powerful basis for his or her forthcoming draft guidelines for crypto exchanges and custodians.”

Gordon expressed his want to see the principles “later this yr,” including that he appreciated “the Treasury’s complete groundwork.”

In distinction, Coinbase’s co-founder and CEO Brian Armstrong has been essential of the strategy to crypto regulation in the US, echoing accusations that the Securities and Trade Fee (SEC) is “regulating by enforcement” and claiming that the SEC needs companies to register with them regardless of there being no method to register.

Associated: Nationwide Australia Financial institution makes first-ever cross-border stablecoin transaction

Paperwork not too long ago obtained by the Australian Monetary Overview below freedom of data legal guidelines advised that crypto laws in Australia may very well be dragged out previous 2024 and past, nonetheless, as remaining submissions to the cupboard should not anticipated till late within the yr.

Coinbase expanded to Australia on Oct. 4, 2022, with Coinbase’s vp of worldwide and enterprise improvement — Nana Murugesan — telling Cointelegraph on the time that it was “very impressed with the open door that we’ve acquired in Canberra and with totally different policymakers.”


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