No need to set up a separate cryptocurrency regulation with CoinEdition


Australian Minister: There is no need for a separate regulation for cryptocurrencies
  • An Australian minister said it was not necessary to create a different regulation for cryptocurrencies.
  • Stephen Jones has argued that cryptocurrencies should be considered financial products by law.
  • Blockchain advocates believe it is dangerous to take a broad approach to categorizing cryptocurrencies.

According to the Australian press, Stephen Jones, Australian Minister for Financial Services, said that there is a compelling case for recognizing certain cryptocurrencies as financial products under the law.

The minister noted that the government plans to create a “token mapping” exercise as a first step towards regulating cryptocurrencies in the country. In addition, Jones has expressed his disapproval of the idea of ​​creating an entirely separate regulatory system for “something that is, for all intents and purposes, a financial product”.

The minister added:

Coins or other tokens are primarily used as a store of value for investment and speculation. [There is a] Good argument that they should be treated as a financial product.

According to the Sydney Morning Herald…

Another minister: There is no need to prepare a separate regulation for cryptocurrencies that first appeared in Coin.

See the original on CoinEdition



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