{"id":542406,"date":"2023-01-23T08:13:25","date_gmt":"2023-01-23T05:13:25","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/aussie-execs-refute-argument-to-treat-crypto-as-financial-products\/"},"modified":"2023-01-23T08:13:25","modified_gmt":"2023-01-23T05:13:25","slug":"aussie-execs-refute-argument-to-treat-crypto-as-financial-products","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/aussie-execs-refute-argument-to-treat-crypto-as-financial-products\/","title":{"rendered":"# Aussie execs refute &#8216;argument&#8217; to treat crypto as financial products"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a26e15e2233b\" 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-6a26e15e2233b\" 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-execs-refute-argument-to-treat-crypto-as-financial-products\/#%E2%80%9D_Aussie_execs_refute_%E2%80%98argument_to_treat_crypto_as_financial_products_%E2%80%9C\" >&#8221; Aussie execs refute &#8216;argument&#8217; to treat crypto as financial products &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/aussie-execs-refute-argument-to-treat-crypto-as-financial-products\/#Crypto_execs_warn_of_%E2%80%98broad_approach\" >Crypto execs warn of &#8216;broad&#8217; approach<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Aussie_execs_refute_%E2%80%98argument_to_treat_crypto_as_financial_products_%E2%80%9C\"><\/span>&#8221; Aussie execs refute &#8216;argument&#8217; to treat crypto as financial products &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5a4050f8>Australian crypto executives have urged caution over lumping all digital assets in the same boat as financial products, after recent comments from Australia&#8217;s assistant treasurer on the ma<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.smh.com.au\/business\/banking-and-finance\/good-argument-to-regulate-crypto-as-financial-product-minister-says-20230120-p5cebf.html\">Speaking<\/a> to the Sydney Morning Herald on Jan. 22, Assistant Treasurer and Minister for Financial Services Stephen Jones was commenting on the state of crypto regulation in the country. <\/p>\n<p>He confirmed that the government was on track with its \u201ctoken m<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>ing\u201d exercise this year to determine which crypto assets to regulate, with a consultation process &#8220;to start soon&#8221; with the industry, according to a crypto exchange executive.\u00a0<\/p>\n<p>However, Jones said he was \u201cnot that attracted\u201d to setting up a completely new set of regulations for something that he believes in essence, is a financial product.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/d66c0a85-7d4d-4e0b-9d40-5c7e9e85da69.jpg\"><figcaption style=\"text-align: center;\"><em>Stephen Jones MP Assistant Treasurer and Minister for Financial Services. Source: Australian Labor Party website<\/em><\/figcaption><\/figure>\n<p>\u201cI don\u2019t want to pre-judge the outcomes of the consultation process we are about to embark on. But I start from the position that if it looks like a duck, walks like a duck, and sounds like a duck then it should be treated like one,\u201d said Jones. <\/p>\n<blockquote><p>\u201cOther coins or other tokens are being essentially used as a store of value for investment and speculation. [There is a] good argument that they should be treated like a financial product.\u201d<\/p><\/blockquote>\n<p>The Australian Securities and Investments Commission (ASIC) and one of Australia&#8217;s &#8220;Big 4&#8221; banks,\u00a0Commonwealth Bank\u00a0are reportedly also in support of regulating crypto as financial products, according to SMH.\u00a0<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Crypto_execs_warn_of_%E2%80%98broad_approach\"><\/span>Crypto execs warn of &#8216;broad&#8217; approach<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>However, crypto market participants have urged caution over a broad-stroke approach towards crypto assets. <\/p>\n<p>Speaking to Cointelegraph, blockchain and digital asset lawyer and Partner at Piper Alderman, Michael Bacina, cautioned that \u201ca broad approach of classifying a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> 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.\u201d<\/p>\n<p>Adam Percy, Swyftx <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> Counsel, echoed the sentiment in statements to Cointelegraph, stating:\u00a0<\/p>\n<blockquote><p>&#8220;The trick is to protect consumers without regulating away well-run domestic digital asset businesses and forcing people to use off-shore exchanges subject to less rigorous checks and balances.&#8221;<\/p><\/blockquote>\n<p>Meanwhile, Holger Arians, CEO of crypto on-ramp provider Banxa shared concerns that over-regulation could \u201cseriously impact\u201d the pioneering role that Australia\u2019s been playing in crypto. <\/p>\n<p>Caroline Bowler, CEO of the Australian crypto exchange BTCMarkets also warned against an \u201coverly prescriptive approach\u201d to regulation.<\/p>\n<blockquote><p>&#8220;This may put our digital economy on the back foot, in time, smothering our international competitiveness.\u201d<\/p><\/blockquote>\n<p>Australian financial regulators have yet to officially formulate their regulatory framework, but in light of the FTX meltdown in November, Australian politicians and their global counterparts have seen greater urgency for action.<\/p>\n<p>Jones said the FTX collapse \u201cputs beyond doubt\u201d the need for crypto regulation.<\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>Australia\u2019s new government finally signals its crypto regulation stance<\/em><\/strong><\/p>\n<p>In September, Australian crypto entrepreneur and investor Fred Schebesta warned that rushing the token mapping could be problematic for the industry.<\/p>\n<p>The intricacies of token mapping are not clear and Australia\u2019s \u201cfledgling\u201d crypto industry needs to \u201calign with the other major markets and their regulations,\u201d he added.<\/p>\n<p>Crypto lobby group Blockchain Australia concurred, arguing at the time that if all crypto assets were treated as financial products, it would harm crypto sector investment, and innovation, and result in the loss of industry-related jobs.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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