The Financial Planning Association of Australia stated the need for regulating cryptocurrency exchanges and implementing a “crypto rule book”.
What Happened: In a recent statement, Ben Marshan, the Financial Planning Association of Australia’s head of policy, strategy and innovation, revealed the organization’s support for a “crypto rule book”, comprising a documented book for the regulatory framework outlining cryptocurrencies, including Bitcoin BTC/USD.
He further emphasized the need to regulate cryptocurrency exchanges, rather than directly regulating crypto assets. Marshan stated that protecting crypto consumers and investors is of paramount importance, and achieving that would require regulating crypto exchanges.
The idea of a “crypto rule book” was first proposed by the Australian Law Reform Council (ALRC) in May. Marshan expanded on this idea stating “It makes it a lot easier because instead of having to work your way through thousands of pages of the Corporations Act, people can go to a specific section, and it’s much more efficient.”
Thus, as the cryptocurrency industry continues to grow globally and expand itself across numerous sectors and service areas, countries, such as Australia, regulating this asset class is crucial.