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Australia engages in private meetings with cryptocurrency executives for future regulation

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Australia engages in private meetings with cryptocurrency executives for future regulation

It is reported that the Central Bank of Australia and the Ministry of Finance have held private meetings with executives from the international cryptocurrency industry to discuss the future of digital assets and regulation in the country. Tom Duff Gordon, Vice President of International Policy at Coinbase, submitted an exchange of views on the token mapping consultation document released by the Ministry of Finance last month. Token mapping is the process of identifying key activities and functions of products in an encryption ecosystem and mapping them to existing regulatory frameworks.

The Australian Ministry of Finance held consultations with institutions such as Coinbase on digital assets and regulation

Analysis based on this information:


The Central Bank of Australia and the Ministry of Finance have reportedly held private meetings with executives from the international cryptocurrency industry to discuss the future of digital assets and regulation in the country. This move highlights the government’s willingness to work with the industry to shape a regulatory framework that fosters innovation and growth.

Tom Duff Gordon, Vice President of International Policy at Coinbase, submitted his thoughts on the token mapping consultation document released by the Ministry of Finance last month. Token mapping is the process of identifying key activities and functions of products in an encryption ecosystem and mapping them to existing regulatory frameworks.

The document acts as a roadmap for market participants to navigate regulatory frameworks in Australia. The consultation process aims to obtain feedback and input from industry participants to ensure the success of any regulatory policies established. The document also aims to bring clarity to the industry, promoting innovation while mitigating the risks associated with the use of digital assets.

It is noteworthy that the Australian government wants to work with the cryptocurrency industry to shape responsible regulation. This approach is markedly different from other nations that have faced significant pushback from their cryptocurrency industries regarding regulatory policies. The Australian government sees the potential of digital assets and seeks to work with the industry to unlock it fully.

The discussions revolved around the use of digital assets in capital markets, investment sectors, and digital identity. The Australian Securities Exchange plans to replace its CHESS (Clearing House Electronic Subregister System) system with blockchain technology in 2023, which provides a glimpse into how digital assets can be integrated into traditional financial systems.

In conclusion, the private meetings between the Australian government and cryptocurrency industry executives’ show renewed talks for the future of digital assets and regulation in the country. With the consultation document acting as a roadmap, the industry can provide feedback and input to ensure responsible regulation, promoting growth, and mitigating risks. By working with the industry, the Australian government is on course to shape responsible regulation that maximizes the potential of digital assets.

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