Regulatory clarity could be coming to Australia. The Financial Planning Association of Australia shows its support for the “crypto rule book” idea and called for regulating exchanges instead of crypto assets.
The Financial Planning Association of Australia has shown its support for the “crypto rule book” idea and called for regulating exchanges instead of crypto assets.
“Firstly, it would create an alternate, duplicate regulatory regime to regulate what, at the core, is the purchase and holding of a financial asset to either retail or wholesale investors.” “The regulation of a financial product or service should not depend on the technology, which underlies the asset,” he said, adding that “it would be virtually impossible to regulate the product because it’s so decentralized, they’re in all sorts of foreign jurisdictions.”
“Our preference is for crypto platforms to operate within the existing financial services licensing framework, albeit in a way that accounts for the unique characteristics of digital assets.”
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