Cryptocurrency Industry Optimistic About Regulation
Cryptocurrency industry representatives, like Ben Rose, General Manager of Binance Australia, express confidence in Australian regulators’ ability to make informed decisions regarding digital asset regulations.
According to CoinTelegraph, Rose, speaking at the Intersekt Fintech conference on August 31, highlights the government’s efforts in crypto policy development, stating: “there are lots of very smart people in the government working really hard on [crypto] policy, so I’m really confident that we’ll get there in the end.”
Despite challenges, including regulatory scrutiny and banking hurdles faced by Binance Australia, Rose’s positive outlook contrasts with recent crypto-related tensions.
The exchange’s banking disconnection in May by Cuscal, based on perceived risks of fraud, led to the cessation of AUD trading pairs and deposits/withdrawals.
Fellow Binancians,
We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank…
— Binance Australia (@Binance_AUS) May 18, 2023
Following this action, prominent banking establishments, such as Westpac and National Australia Bank (NAB), prohibited their customers from conducting fund transfers to categorized “high-risk exchanges,” which encompass Binance.
Read more about NAB blocking payments to cryptocurrency exchanges here.
Read more about Westpac blocking payments to cryptocurrency exchanges here.
Addressing the sentiment regarding his platform, Rose emphasized Binance’s determination to restore banking relationships and reinstate fiat on-ramp services for its one million Australian users.
“We’re having some really good conversations and while we haven’t got any specific outcomes right now — I’m really focused on making the changes we need to make,” Rose stated.
Despite the obstacles, Rose maintains his belief that Australian regulators will eventually make the correct decisions regarding crypto regulations.
“Australia’s got a really important decision to make and we’re waiting to see what the Treasury’s consultation around the licensing frameworks looks like. We’re really positive that’s going to make a big difference,” Rose elaborated.
“I’ve just come out of a round table with the Treasury and ASIC and I can tell you that there’s really good engagement between the industry and regulators,” he added.
“I’m confident that we’ll get there. I just hope it’s sooner rather than later.”
Christian Westerlind Wigstrom from Australian payments provider Monoova mentioned to Cointelegraph that the frequency of dialogues between major cryptocurrency exchanges and policymakers had been remarkably high in recent months.
“Banks are justifiably terrified by the extent of scams, and no one [in crypto] is thinking this is something we don’t need to worry about,” stated Wigstrom.
He emphasized that rather than persisting with broad fund blocks to cryptocurrency exchanges, there should be more nuanced conversations involving regulators and banking entities collaborating with leaders from the crypto industry.
“Scammers were here before crypto and they’re going to be here after crypto. I’m hoping that we can work on this together and actually have a proactive discussion,” he supplemented.
Just yesterday we did an article on Australia seemingly lagging behind on the regulation front.
