- 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.