Australia's Financial Services Minister insists many cryptos are financial products Cryptocurrencies
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Jones said the government is focused on crypto assets that act like financial products but remain unregulated, and that the November collapse of cryptocurrency exchange FTX “puts beyond doubt” the need for crypto regulation in the country. At the opposite end of the spectrum, Blockchain Australia, a lobby group for the country’s crypto sector, told the federal Treasury last year that it was strongly against this approach, arguing that this would harm investment and lead to job losses.
On Dec. 14, Jones announced that the government was going to make crypto regulation a priority in 2023. Along with the goal of establishing a crypto regulation framework, the government also plans to “update and strengthen Australia’s payment system; strengthen its financial market infrastructure; and establish a regulatory framework for Buy Now Pay Later,” the report said.
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