• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
Crypto Assets Are Not Financial Products, Aussie Executives Claim

Crypto Assets Are Not Financial Products, Aussie Executives Claim

Eli Dambel
by Eli Dambel
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto regulation has been receiving growing interest in different jurisdictions recently. While some countries maintain rigid digital assets control, some outrightly banned their usage. 

Currently, crypto regulation in Australia is passing through heated arguments. Some of the country’s top government officials want to classify crypto as financial products, while some crypto executives refute it.

Minister Deems Regulating Crypto As Financial Products An Argument, Why?

One Australian media, The Sydney Morning Herald (SMH), reported about the country’s take on crypto regulation. According to SMH, Stephen Jones, the Australian Assistant Treasurer and Minister for Financial Service spoke on the matter on January 22, 2023.

Related Reading: Gemini Puts An End To The Crypto Earn Program Amidst DCG Fallout

In his speech, Minister Jones mentioned the government plans to roll out some laws regarding crypto regulations this year. In addition, he disclosed that the government intends to embark on a token mapping exercise highlighting all the crypto assets to regulate. 

Further, Minister Jones mentioned the collapse of the FTX crypto exchange and its aftermath, stressing the need for crypto regulation. Hence, the government has set its eyes on some unregulated crypto assets, especially those acting as securities or financial products.

Jones noted that the aim is not to set up a different regulatory regime for crypto assets since they are classified as financial products. Therefore, to him, if crypto assets operate like financial products, they should be considered as such.

The minister argued that several tokens have served as speculative assets and investments. The report from SMH shows that other parties support the regulation of crypto assets as securities in the country. These include the Australian Securities and Investment Commission (ASIC) and Commonwealth Bank, a top Australian bank.

Crypto Executives Refute A Broad Approach Regulation For Digital Assets

Australian crypto executives and some market participants have stood against regulating crypto assets as securities.

Blockchain Australia, a crypto sector group, refuted the approach while speaking to Federal Treasury last year. It noted that treating crypto assets as financial products will negatively impact investments and innovations in the sector. Also, the move will result in a massive loss of jobs related to the crypto industry.

Related Reading: SEC Lawsuit Against Gemini Is Political, Says Tyler Winklevoss

An Australian crypto entrepreneur, Fred Schebesta, reacted to the government’s plan for token mapping in September 2022. Schebesta, the co-founder of Finder, an Australian comparison website, noted that this process could have positive results. However, he reported that rushing the process could harm the country’s economy. 

According to Schebesta, the Australian crypto industry is still underdeveloped and will need more support to grow. Hence, it must learn from other major markets and copy their regulatory approaches.

Crypto
Cryptocurrency market surpasses the $1 trillion mark | Source: Crypto Total Market Cap on TradingView.com

Also, crypto market participants argue against using a broad-stroke approach to crypto assets. According to Michael Bacina, a digital asset lawyer and partner at Piper Alderman, such a broad classification will send many crypto-related businesses offshore and create more risks in the country.

Featured Image From Pixabay/PattyJansen, Charts From Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Eli Dambel

Eli Dambel

Follow

Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future. You can follow Eli on Twitter: @EliDambel

Full Profile

Related Posts

The Best Crypto to Buy as the SEC May Allow Tokenized Securities.

The Best Crypto to Buy as the SEC May Allow Tokenized Securities

56 minutes ago
sec crypto altcoin etf

SEC Halts QMMM Trading After 959% Surge on Crypto Treasury Manipulation Concerns

1 hour ago
circle, crypto

Circle And Deutsche Börse Partner To Boost Stablecoin Adoption In Europe

2 hours ago
Stablecoin

Stablecoin Crackdown: European Central Bank Gathers Backing For Joint Issuance Ban

4 hours ago
crypto

Chinese National At Center Of Historic $6.7B Crypto Bust Pleads Guilty

5 hours ago
crypto

Too Tough? Poland’s New Crypto Law Faces Pushback

9 hours ago

Premium Sponsors

Press Releases

  • 距離上線僅剩3周:Snorter代幣ICO融資突破 415...

    1 day ago
  • 上線倒計時:僅剩25天可搶購 Snorter Bot 代幣

    5 days ago
  • 加密錢包掀起發幣熱潮 Best Wallet...

    1 week ago
  • Bitcoin Hyper

    ChatGPT предсказва следващата 1000x...

    1 week ago
  • Snorter надхвърли $4 милиона след...

    1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.