Binance Australia’s General Manager, Ben Rose, expressed his confidence in the eventual decisions of Australian regulators regarding digital asset laws in the country.
Speaking at the Intersekt Fintech conference in Melbourne on August 31, Rose emphasized the government’s commitment to crypto policy development and believed that the right outcomes would be achieved.
This optimism contrasted with recent challenges faced by the crypto industry, including Binance Australia.
Regulatory scrutiny and banking restrictions had impacted the exchange, with payments firm Cuscal severing ties due to perceived scam and fraud risks on May 18.
Consequently, Binance Australia suspended Australian dollar trading pairs and deposits, facing additional hurdles as major banks like Westpac and National Australia Bank restricted transfers to “high-risk exchanges.”
Ben Rose acknowledged these difficulties but stressed Binance’s dedication to restoring banking connections and fiat services for its one million Australian customers.
He engaged in constructive discussions with regulatory bodies like the Treasury and ASIC, indicating positive industry-regulator collaboration.
Rose remained confident that Australia’s pivotal decision-making process, particularly in framing licensing frameworks, would have a significant impact.
He had just participated in a round table with the Treasury and ASIC, witnessing productive engagement between stakeholders.
Similarly, Christian Westerlind Wigstrom, from Monoova, an Australian payments provider, shared insights on the ongoing discussions between crypto exchanges and policymakers.
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Wigstrom acknowledged banks’ concerns about scams and urged nuanced conversations between regulators, banking entities, and crypto industry leaders.
Wigstrom emphasized the need to address scams proactively and collaboratively, rather than resorting to blanket bans on crypto-related fund transfers.
He believed that such an approach would lead to a more effective solution to the persisting issue of scams within and beyond the crypto sector.
In terms of regulatory progress, Australian Treasury Assistant Secretary Trevor Power projected the introduction of crypto-specific legislation for Australian crypto firms in 2024.
This timeline indicates the government’s ongoing commitment to establishing comprehensive regulations for the crypto industry within the country.
Overall, Binance Australia’s Ben Rose and other industry stakeholders expressed confidence in Australia’s regulatory journey, hoping for timely decisions that would both safeguard the industry and foster innovation.
The ongoing dialogue between regulators, financial institutions, and crypto leaders was seen as a positive step toward achieving these goals.
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