{"id":564372,"date":"2023-03-16T09:05:41","date_gmt":"2023-03-16T06:05:41","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/coinbase-met-with-australian-banking-regulators-over-local-crypto-regulations\/"},"modified":"2023-03-16T09:05:41","modified_gmt":"2023-03-16T06:05:41","slug":"coinbase-met-with-australian-banking-regulators-over-local-crypto-regulations","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/coinbase-met-with-australian-banking-regulators-over-local-crypto-regulations\/","title":{"rendered":"# Coinbase met with Australian banking regulators over local crypto regulations"},"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-6a28dc453ecb8\" 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-6a28dc453ecb8\" 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\/coinbase-met-with-australian-banking-regulators-over-local-crypto-regulations\/#%E2%80%9D_Coinbase_met_with_Australian_banking_regulators_over_local_crypto_regulations_%E2%80%9C\" >&#8221; Coinbase met with Australian banking regulators over local crypto regulations &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Coinbase_met_with_Australian_banking_regulators_over_local_crypto_regulations_%E2%80%9C\"><\/span>&#8221; Coinbase met with Australian banking regulators over local crypto regulations &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvMzI3MzVjYjItYjYwOS00ZTg2LWJiZjgtNWU3MTYzZDk5OTVkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>The Reserve Bank of Australia (RBA) and Treasury have been holding private meetings with executives from Coinbase, with discussions revolving around the future of crypto regulation in Australia.<\/p>\n<p>Responding to Cointelegraph\u2019s request for comment, an RBA spokesperson confirmed recent <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theaustralian.com.au\/business\/technology\/treasury-rba-hold-crypto-meetings-on-the-down-low\/news-story\/03f4c773c31bf14b0daa454b90687fbd?amp&amp;nk=0dee47fb83bfe671ebd4504a4ea7727f-1678921458\">reports<\/a> that these private meetings had occurred, stating that Coinbase met with the RBA\u2019s Payments Policy and Financial Stability departments this week, \u201cas part of the Bank\u2019s ongoing liaison with industry.\u201d<\/p>\n<p>Tom Duff Gordon, Coinbase\u2019s vice president of international policy who was reported to have been flown in for the meetings, also confirmed to Cointelegraph that meetings took place with Treasury in Canberra and Sydney.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Consultation open! Today we released the token 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 consultation paper. This consultation is part of a multi step reform agenda to develop an appropriate regulatory setting for the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a> sector. Read paper &amp; submit views @ <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/4W2msjhP9B\">https:\/\/t.co\/4W2msjhP9B<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ASIC_Connect?ref_src=twsrc%5Etfw\">@ASIC_Connect<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AUSTRAC?ref_src=twsrc%5Etfw\">@AUSTRAC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/OGHuZEGvDp\">pic.twitter.com\/OGHuZEGvDp<\/a><\/p>\n<p>\u2014 Australian Treasury (@Treasury_AU) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Treasury_AU\/status\/1621286135711293440?ref_src=twsrc%5Etfw\">February 2, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Gordon said that the meetings touched on the government\u2019s token mapping efforts, and Coinbase also \u201cshared insights on global best practices concerning licensing and custody.\u201d<\/p>\n<p>The Australian Treasury&#8217;s token mapping exercise was announced on Aug. 22, 2022, and is aimed at categorizing digital assets in a way to work them into existing regulatory frameworks.<\/p>\n<p>A consultation paper was released by the Treasury on Feb. 3, for which the Treasury sought feedback from the crypto industry.<\/p>\n<p>Gordon praised efforts from the Treasury, noting that \u201cThe Australian Treasury teams continue to impress us with their high level of sophistication and active involvement,\u201d and adding:<\/p>\n<blockquote><p>\u201cThe Australian Treasury&#8217;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.\u201d<\/p><\/blockquote>\n<p>Gordon expressed his desire to see the rules \u201clater this year,\u201d adding that he appreciated \u201cthe Treasury&#8217;s comprehensive groundwork.\u201d<\/p>\n<p>In contrast, Coinbase\u2019s co-founder and CEO Brian Armstrong has been critical of the approach to crypto regulation in the United States, echoing accusations that the Securities and Exchange Commission (SEC) is \u201cregulating by enforcement\u201d and claiming that the SEC wants firms to register with them despite there being no way to register.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Well said. There was no way to register (a disingenuous offer).<\/p>\n<p>\u201cUsing enforcement actions to tell people what the law is in an emerging industry is not an efficient or fair way of regulating.\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/6wVZZbQt23\">https:\/\/t.co\/6wVZZbQt23<\/a><\/p>\n<p>\u2014 Brian Armstrong (@brian_armstrong) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1623806589198303232?ref_src=twsrc%5Etfw\">February 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong>Related: <\/strong><strong><em>National Australia Bank makes first-ever cross-border stablecoin transaction<\/em><\/strong><\/p>\n<p>Documents recently obtained by the Australian Financial Review under freedom of information laws suggested that crypto legislation in Australia could be dragged out past 2024 and beyond, however, as final submissions to the cabinet are not expected until late in the year.<\/p>\n<p>Coinbase expanded to Australia on Oct. 4, 2022, with Coinbase\u2019s vice president of international and business development \u2014 Nana Murugesan \u2014 telling Cointelegraph at the time that it was \u201cvery impressed with the open door that we\u2019ve received in Canberra and with different policymakers.\u201d<\/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\/coinbase-met-with-australian-banking-regulators-over-local-crypto-regulations\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Coinbase met with Australian banking regulators over local crypto regulations &#8220; The Reserve Bank of Australia (RBA) and Treasury have been holding private meetings with executives from Coinbase, with discussions revolving around the future of crypto regulation in Australia. Responding to Cointelegraph\u2019s request for comment, an RBA spokesperson confirmed recent reports that these private&#8230;<\/p>\n","protected":false},"author":1,"featured_media":564373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/32735cb2-b609-4e86-bbf8-5e7163d9995d.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74957,74956,74860,74898,20358,117,70934,67874],"class_list":["post-564372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-brian-armstrong","tag-coinbase","tag-cryptocurrency-exchange","tag-sec","tag-australia","tag-business","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564372","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=564372"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564372\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/564373"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=564372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=564372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=564372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}