Simon Callaghan has been appointed as the new CEO of Blockchain Australia, the peak industry body for cryptocurrency in the country.
Callaghan’s vision for his role is to hasten the implementation of crypto regulations, using the models from the UK, Hong Kong, and Singapore as templates, and eschewing the American regulatory approach.
The U.S. approach, dubbed ‘regulation by enforcement,’ equates to branding 68 tokens as securities and prosecuting the world’s largest exchanges.
Callaghan opposes this methodology, stating it’s akin to “having a hammer and seeing everything as a nail.”
He stressed the need for a different and more balanced approach in Australia during his announcement at Blockchain Week.
Callaghan, formerly the digital assets program lead for Cambridge University and a co-founder of MOOPS Tech, will represent the association’s 112 members.
These members, including Binance Australia, Circle, Ripple, and Mastercard, have been calling for clear and transparent regulation.
According to Callaghan, these businesses want to know the parameters to effectively operate, build technologies, and create jobs.
The Australian government, unlike the U.S., has not assumed a hardline position on crypto. The Treasury is presently conducting a ‘token mapping exercise’ to classify digital assets before legislating.
Callaghan applauded the government’s considered approach but urged inspiration from Singapore, Hong Kong, and the UK, as they balance innovation and consumer protection in their regulations.
Recent reports indicate Hong Kong is pressuring banks to accept crypto exchanges as clients to attract global crypto firms. Callaghan praised this approach, calling it the ‘right one.’
There has been resistance from some Australian banks due to the perceived increase in financial scams related to crypto.
Callaghan dismissed the notion that all crypto-related activities are fraudulent and confirmed upcoming meetings with banks to discuss their concerns.
He also supports the ability of crypto firms to contest debanking decisions, as recommended in a 2021 Australian Senate committee report.
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