Mar 16, 2023

RBA & Treasury Meet with Coinbase on Crypto Regulation

The Reserve Bank of Australia (RBA) and the Australian Treasury have been holding private meetings with Coinbase executives to discuss the future of crypto regulation in Australia.

The RBA spokesperson confirmed the reports, stating that Coinbase met with the RBA’s Payments Policy and Financial Stability departments this week.

Tom Duff Gordon, the Vice President of International Policy at Coinbase, also confirmed the meetings with the Treasury in Canberra and Sydney. The topics discussed included the government’s token mapping efforts and global best practices concerning licensing and custody.

The Treasury released a consultation paper on February 3rd, calling for feedback from the crypto industry. Gordon praised the Treasury, noting that their work was “one of the most detailed and thoughtful papers” he had encountered on the topic. He expressed a desire for the rules to be released later this year.

Brian Armstrong, the co-founder and CEO of Coinbase, has been critical of the approach to crypto regulation in the United States, claiming that the Securities and Exchange Commission (SEC) wants firms to register with them despite there being no way to register.

Documents obtained by the Australian Financial Review under freedom of information laws suggest that crypto legislation in Australia could be dragged out past 2024 and beyond.

Coinbase expanded to Australia on October 4th, 2022. Nana Murugesan, the Vice President of International and Business Development at Coinbase, noted that the exchange had received an “open door” from Canberra and other policymakers.

The RBA and Treasury’s meetings with Coinbase could pave the way for a more efficient and fair regulation of the crypto industry in Australia. It could also open the door to more opportunities for NFTs, crypto, and web3 in the country.

NFTs are already gaining traction in the Australian market, and with the right regulations in place, the industry could grow even more. NFT marketing agencies, such as Twitter NFT Marketing, are already offering services to help creators promote and sell their NFTs.

Web3 agencies are also becoming more popular in Australia, as they provide services such as blockchain and cryptocurrency consulting, smart contract development, and more.

The meetings between the RBA, Treasury, and Coinbase could be a sign that the Australian government is taking steps to create a more favorable environment for the crypto industry. With the right regulations in place, Australia could become a hub for the web3 space.

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