2 years ago
Coinbase's vice president of planetary argumentation told Cointelegraph the meetings took spot successful Canberra and Sydney and touched connected the government’s token mapping efforts.
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The Reserve Bank of Australia (RBA) and Treasury person been holding backstage meetings with executives from Coinbase, with discussions revolving astir the aboriginal of crypto regularisation successful Australia.
Responding to Cointelegraph’s petition for comment, an RBA spokesperson confirmed caller reports that these backstage meetings had occurred, stating that Coinbase met with the RBA’s Payments Policy and Financial Stability departments this week, “as portion of the Bank’s ongoing liaison with industry.”
Tom Duff Gordon, Coinbase’s vice president of planetary argumentation who was reported to person been flown successful for the meetings, besides confirmed to Cointelegraph that meetings took spot with Treasury successful Canberra and Sydney.
Consultation open! Today we released the token mapping consultation paper. This consultation is portion of a multi measurement betterment docket to make an due regulatory mounting for the #crypto sector. Read insubstantial & taxable views @ https://t.co/4W2msjhP9B @ASIC_Connect @AUSTRAC pic.twitter.com/OGHuZEGvDp
— Australian Treasury (@Treasury_AU) February 2, 2023Gordon said that the meetings touched connected the government’s token mapping efforts, and Coinbase besides “shared insights connected planetary champion practices concerning licensing and custody.”
The Australian Treasury's token mapping exercise was announced connected Aug. 22, 2022, and is aimed astatine categorizing integer assets successful a mode to enactment them into existing regulatory frameworks.
A consultation paper was released by the Treasury connected Feb. 3, for which the Treasury sought feedback from the crypto industry.
Gordon praised efforts from the Treasury, noting that “The Australian Treasury teams proceed to impressment america with their precocious level of sophistication and progressive involvement,” and adding:
“The Australian Treasury's token mapping workout provides 1 of the astir elaborate and thoughtful papers we person encountered connected the topic, mounting a beardown instauration for their forthcoming draught rules for crypto exchanges and custodians.”Gordon expressed his tendency to spot the rules “later this year,” adding that helium appreciated “the Treasury's broad groundwork.”
In contrast, Coinbase’s co-founder and CEO Brian Armstrong has been captious of the attack to crypto regularisation successful the United States, echoing accusations that the Securities and Exchange Commission (SEC) is “regulating by enforcement” and claiming that the SEC wants firms to registry with them contempt determination being nary mode to register.
Well said. There was nary mode to registry (a disingenuous offer).
“Using enforcement actions to archer radical what the instrumentality is successful an emerging manufacture is not an businesslike oregon just mode of regulating.” https://t.co/6wVZZbQt23
Related: National Australia Bank makes first-ever cross-border stablecoin transaction
Documents precocious obtained by the Australian Financial Review nether state of accusation laws suggested that crypto authorities successful Australia could beryllium dragged out past 2024 and beyond, however, arsenic last submissions to the furniture are not expected until precocious successful the year.
Coinbase expanded to Australia connected Oct. 4, 2022, with Coinbase’s vice president of planetary and concern improvement — Nana Murugesan — telling Cointelegraph astatine the clip that it was “very impressed with the unfastened doorway that we’ve received successful Canberra and with antithetic policymakers.”
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