{"id":474247,"date":"2022-07-15T11:29:09","date_gmt":"2022-07-15T08:29:09","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/aussie-fpa-supports-crypto-rule-book-and-regulation-of-exchanges\/"},"modified":"2022-07-15T11:29:09","modified_gmt":"2022-07-15T08:29:09","slug":"aussie-fpa-supports-crypto-rule-book-and-regulation-of-exchanges","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/aussie-fpa-supports-crypto-rule-book-and-regulation-of-exchanges\/","title":{"rendered":"# Aussie FPA supports &#8216;crypto rule book&#8217; and regulation of exchanges"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4150704888a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4150704888a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/aussie-fpa-supports-crypto-rule-book-and-regulation-of-exchanges\/#%E2%80%9D_Aussie_FPA_supports_%E2%80%98crypto_rule_book_and_regulation_of_exchanges_%E2%80%9C\" >&#8221; Aussie FPA supports &#8216;crypto rule book&#8217; and regulation of exchanges &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Aussie_FPA_supports_%E2%80%98crypto_rule_book_and_regulation_of_exchanges_%E2%80%9C\"><\/span>&#8221; Aussie FPA supports &#8216;crypto rule book&#8217; and regulation of exchanges &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMGFlNTNmZTgtMjhjMC00NDA5LWFhYTYtYTQ1M2Q1YTNkZjBlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>The Financial Planning Association of Australia (FPA) has shown its support for the \u201ccrypto rule book\u201d idea and called for regulating exchanges instead of crypto assets.<\/p>\n<p>In May, the Australian Law Reform Council (ALRC) proposed to tackle crypto regulation through a rule book-style framework which sets out a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of gradually updated compliance principles for local crypto firms to adhere to. <\/p>\n<p>The comments came via a submission to the Treasury by FPA\u2019s head of policy, strategy and innovation, Ben Marshan, who also argued that the regulation of crypto exchanges should fall under the current financial services regime and not under a new separate legal framework. <\/p>\n<blockquote><p>\u201cFirstly, it would create an alternate, duplicate regulatory regime to regulate what at the core is the purchase and holding of a financial asset to either retail or wholesale investors.\u201d<\/p><\/blockquote>\n<p>\u201cSecondly, it would require existing financial service licensees to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ly for and hold a separate type of license, adding to cost and regulatory duplication,\u201d he added. <\/p>\n<p>Mashan also emphasized a need to roll out greater consumer protections for local Australian crypto users and highlighted that regulating secondary providers (crypto exchanges, brokers etc.) is the best way to do this.<\/p>\n<p>\u201cThe regulation of a financial product or service should not depend on the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> which underlies the asset,\u201d he said, adding that \u201cit would be virtually impossible to regulate the product because it\u2019s so decentralized, they\u2019re in all sorts of foreign jurisdictions.\u201d<\/p>\n<p>Focusing regulation on crypto service providers will remove a lot of \u201ccomplexity\u201d from the equation given the rapidly evolving nature of blockchain tech and crypto, argued Mashan, adding that the ALRC\u2019s crypto rule book idea for firms to follow \u201cmakes sense.\u201d <\/p>\n<blockquote><p>\u201cIt makes it a lot easier because instead of having to work your way through thousands of pages of the Corporations Act people can go to a specific section, and it\u2019s much more efficient.\u201d<\/p><\/blockquote>\n<p>Speaking with Cointelegraph, Ryan Parsons, the co-CEO of local crypto exchange Swyftx,\u00a0echoed the calls from Mashan and noted that his firm wants to see \u201csensible measures that support consumer protections\u201d enacted soon so that Australia doesn\u2019t risk falling behind the United States and European Union: <\/p>\n<blockquote><p>\u201cOur preference is for crypto platforms to operate within the existing financial services licensing framework, albeit in a way that accounts for the unique characteristics of digital assets.\u201d<\/p><\/blockquote>\n<p>\u201cWe think this is the best way to reduce complexity and cost, as well as build confidence in crypto as an asset class among Australian investors,\u201d he added. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Chainalysis tips Australia will crack down on misleading crypto ads<\/em><\/strong><\/p>\n<p>Another key idea highlighted in the ALRC\u2019s report was to introduce the Twin Peaks regulatory model, in which regulation is split between one entity that is tasked with overseeing the maintenance of financial system stability while the other takes care of institutional market conduct and consumer protection. <\/p>\n<p>The same model is used in Australia\u2019s financial regulatory system, with the Australian Securities and Investments Commission (ASIC) in charge of good market conduct and consumer protection, while the Australian Prudential Regulation Authority (APRA) is responsible for financial system stability. <\/p>\n<p>Since the Liberal party was emphatically booted out of government in May, the regulatory landscape of crypto in Australia has become uncertain as the Labor party appears to have other fish to fry. <\/p>\n<p>As it stands, Labor is yet to provide any concrete initiatives but has outlined that introducing greater consumer protections in crypto will be a key area of focus. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/aussie-fpa-supports-crypto-rule-book-and-regulation-of-exchanges\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Aussie FPA supports &#8216;crypto rule book&#8217; and regulation of exchanges &#8220; The Financial Planning Association of Australia (FPA) has shown its support for the \u201ccrypto rule book\u201d idea and called for regulating exchanges instead of crypto assets. In May, the Australian Law Reform Council (ALRC) proposed to tackle crypto regulation through a rule book-style&#8230;<\/p>\n","protected":false},"author":1,"featured_media":474248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMGFlNTNmZTgtMjhjMC00NDA5LWFhYTYtYTQ1M2Q1YTNkZjBlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74860,20358,71511,70934],"class_list":["post-474247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrency-exchange","tag-australia","tag-government","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/474247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=474247"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/474247\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/474248"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=474247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=474247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=474247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}