The Reserve Bank of Australia and Treasury have been holding private meetings with Coinbase executives to discuss the future of crypto regulation in Australia.
In response to Cointelegraph's request for comment, an RBA spokesman confirmed recent reports of these private meetings, saying that Coinbase met with the RBA's payments policy and financial stability unit this week, "as part of the bank's ongoing liaison with industry." a part of." Tom Duff Gordon, Coinbase’s vice president of international policy, who reportedly flew in for the meeting, also confirmed to Cointelegraph that meetings with the Treasury were held in Canberra and Sydney.
Gordon said the sessions covered the government’s token mapping efforts, and Coinbase also “shared insights on global best practices for licensing and custody.” Announced on Aug. 22, the Australian Treasury’s Token Swap campaign aims to classify digital assets so they can be incorporated into existing regulatory frameworks. Treasury released a consultation paper on Feb. 3, in which it sought feedback from the crypto industry.
Gordon praised Treasury's efforts, noting that "we continue to be impressed by the high level of maturity and engagement of the Australian Treasury team", adding: “Australian Treasury’s Token Swap work has provided one of the most detailed and thoughtful documents we have come across on the subject, laying a solid foundation for their forthcoming draft rules for cryptocurrency exchanges and custodians.”
Gordon said he hoped to see the rules "later this year," adding that he appreciated "the Treasury Department's thorough groundwork."
In contrast, Coinbase co-founder and CEO Brian Armstrong has been critical of the U.S. approach to cryptocurrency regulation, echoing the SEC’s charge of “regulation through enforcement” and asserting that the SEC wants companies to Register, but still register with them. Recent documents obtained by the Australian Financial Review under freedom of information laws suggest that crypto legislation in Australia may be delayed until 2024 and beyond, as a final report to cabinet is not expected until the end of the year.
Coinbase expands to Australia on October 4, 2022, with Coinbase vice president of international and business development Nana Murugesan telling Cointelegraph at the time that the exchange was “impressed with the doors we have opened in Canberra and with different policy makers.”
