The Reserve Bank of Australia and Treasury have been holding private meetings with executives from Coinbase, with discussions revolving around the future of crypto regulation in Australia.<\/p>\n
Responding to Cointelegraph\u2019s request for comment, an RBA spokesperson confirmed recent reports that these private meetings had occurred, stating that Coinbase met with the RBA\u2019s Payments Policy and Financial Stability departments this week \u201cas part of the Bank\u2019s ongoing liaison with industry.\u201d<\/p>\n
Coinbase vice president of international policy Tom Duff Gordon, who was reported to have flown in for the meetings, also confirmed to Cointelegraph that meetings took place with Treasury in Canberra and Sydney.<\/p>\n
Gordon said that the meetings touched on the government\u2019s token mapping efforts, and Coinbase also \u201cshared insights on global best practices concerning licensing and custody.\u201d<\/p>\n
The Australian Treasury’s token mapping exercise was announced on Aug. 22, and is aimed at categorizing digital assets in a way to work them into existing regulatory frameworks.<\/p>\n
A consultation paper was released by the Treasury on Feb. 3, for which the Treasury sought feedback from the crypto industry.<\/p>\n
Gordon praised efforts from the Treasury, noting that \u201cThe Australian Treasury teams continue to impress us with their high level of sophistication and active involvement,\u201d adding:<\/p>\n
\u201cThe Australian Treasury\u2019s token mapping exercise provides one of the most detailed and thoughtful papers we have encountered on the topic, setting a strong foundation for their forthcoming draft rules for crypto exchanges and custodians.\u201d<\/p><\/blockquote>\n
Gordon expressed his desire to see the rules \u201clater this year,\u201d adding that he appreciated \u201cthe Treasury\u2019s comprehensive groundwork.\u201d<\/p>\n
In contrast, Coinbase co-founder and CEO Brian Armstrong has been critical of the approach to crypto regulation in the United States, echoing accusations that the Securities and Exchange Commission (SEC) is \u201cregulating by enforcement\u201d and claiming that the SEC wants firms to register with them despite there being no way to register.<\/p>\n