Coin Edition -
- An Australian minister said it’s unnecessary to set up a different regulation for crypto.
- Stephen Jones argued that crypto should be considered financial products under the law.
- A blockchain attorney believes it is riskier to take a broad approach in classifying crypto.
According to an Australian press, Stephen Jones, an Australian financial services minister, said there are compelling justifications for recognizing some cryptocurrencies as financial products under the law.
The minister noted that the government plans to set up a ‘token mapping’ exercise as a first step toward crypto regulation in the country. Additionally, Jones expressed that he does not buy the idea of setting up a completely separate regulatory regime “for something that is, for all intents and purposes, a financial product.”
The minister added:
Other coins or tokens are essentially used as a store of value for investment and speculation. [There is a] good argument that they should be treated like a financial product.
According to The Sydney Morning Herald ...
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