After the assistant treasurer’s recent comments, Australian crypto CEOs have cautioned against defining all digital assets as financial commodities.- National Australia Bank (NAB) will create a stablecoin, according to information recently provided to the Australian Financial Review by a senior official.Australian crypto CEOs have warned against classifying all digital assets as financial goods after the assistant treasurer’s recent remarks on the issue.Stephen Jones, Assistant Treasurer and Minister for Financial Services discussed the country’s regulatory framework for cryptocurrencies in an interview with the Sydney Morning Herald (SMH) on 22 January.According to a crypto exchange executive, he acknowledged that the government was on track with its “token mapping” effort this year to establish which crypto assets to regulate.A consultation process with the industry “will commence shortly,” he said.Jones claimed, though, that he was “not that drawn” to create an entirely new set of rules for what, in his opinion, is fundamentally a financial product.
Crypto development in Australia According to SMH, the Australian Securities and Investments Commission (ASIC) and Commonwealth Bank, one of Australia’s “Big 4” banks, are apparently in favor of regulating cryptocurrencies as financial products.
Jones said, “I don’t want to pre-judge the outcomes of the consultation process we are about to embark on.But I start from the position that if it looks like a duck, walks like a duck, and sounds like a duck then it should be treated like one.Other coins or other tokens are essentially used as a store of value for investment and speculation.[There is a] good argument that they should be treated like a financial product.” Participants in the cryptocurrency market, meanwhile, have cautioned against approaching crypto assets in a general way.
Michael Bacina, a partner at Piper Alderman and a blockchain and digital asset attorney, issued a warning: “A broad approach of classifying a technology as a financial product without a clear and usable pathway to licensing and compliance will likely send even more crypto businesses offshore and create more risk.” Recently, a top executive revealed to the Australian Financial Review that National Australia Bank (NAB) will develop a stablecoin, making it the second of the nation’s main financial institutions to do so (AFR).Later this year, the AUDN coin will debut on the Ethereum and Algorand blockchains.
After competitor Australia and New Zealand Bank (ANZ) issued its stablecoin, branded A$DC, last year, NAB will be the second of Australia’s main four banks to do so.According to Holger Arians, CEO of cryptocurrency on-ramp provider Banxa, excessive regulation might “seriously harm” Australia’s status as a pioneer in the cryptocurrency industry.
The regulatory framework still awaited Although Australian financial authorities have not yet formally developed their regulatory framework, the FTX crisis in November has increased the urgency with which Australian politicians and their international colleagues view the need for action.The FTX crash, according to Jones, “puts beyond dispute” the necessity of crypto regulation.Australian cryptocurrency investor and entrepreneur Fred Schebesta foresaw potential issues for the sector in September and cautioned against pushing the token mapping.He continued, “Australia’s young” crypto business needs to “align with the other main markets and their legislation” since token mapping’s complexities are unclear.
Australian Finance Minister says crypto could be regulated as financial product Oluwapelumi Adejumo · 5 mins ago · 1 min read Crypto lobby groups in the country have argued against the broad classification of all crypto assets as financial products.
1 min read Updated: January 23, 2023 at 12:36 pm Cover art/illustration via CryptoSlate Australian Financial Minister Stephen Jones said there was a “good argument” to regulate crypto assets as financial products, The Sydney Morning Heral reported on Jan.23.Except for Bitcoin (BTC), other crypto assets are mainly used as a store of value for investment or speculation, according to Jones.
He said: “[There is a] good argument that they[other crypto assets] should be treated like a financial product.” The minister noted that the FTX collapse showed the need for crypto regulation.He continued that the Australian government is focused on regulating crypto assets that act like financial products.Jones added that there was no need to set up a “completely separate regulatory regime for something that is, for all intents and purposes, a financial product.” The Australian minister said that the government would soon reveal crypto assets it plans to regulate through its “token mapping” exercise.Lobby groups disagree with broad classification Meanwhile, Australia’s crypto group Blockchain Australia is at loggerheads with the Australian Securities and Investments Commission (ASIC) and the Commonwealth Bank over broadly classifying all crypto assets as financial products.
The lobby group reportedly said a broad classification of all crypto assets as financial products would harm the investment and growth of the sector.The group also warned that this could lead to the loss of jobs in the industry.
Another lobby group, the Australian Bitcoin Industry Body (ABIB), argued that lumping all businesses interacting with crypto into only one category will make regulatory efforts for the industry’s sub-sectors challenging.The Australian government has recently stepped up efforts to regulate the crypto industry following FTX’s collapse.The government promised to establish a framework to guide the licensing and regulation of crypto service providers.- The National Australia Bank has developed a stablecoin for carbon trading and overseas payments.- AUDN will launch on Ethereum and Algorand.
The National Australia Bank (NAB) has become the second major Australian bank to create a stablecoin, titled the AUDN.The stablecoin would allow its business customers to settle transactions on blockchain technology using Australian dollars in real-time.Stablecoin launched on Ethereum and Algorand According to a report by AFR, AUDN will launch on the Ethereum [ETH] and Algorand [ALGO] blockchains.NAB’s Chief Innovation Officer, Howard Silby, stated that AUDN could also serve other purposes, such as carbon credit trading and repurchase agreements.NAB’s stablecoin is fully backed, one-for-one, with Australian fiat money held in trust by the bank.
This currency comes nine months after the Melbourne-based rival ANZ created their own stablecoin, known as A$DC.This move highlighted the growing role of banks in driving innovation in the digital economy.NAB plans to launch the stablecoin by the middle of 2023 if everything goes well.The creation of stablecoins by individual banks has emerged after the big four banks of Australia attempted to create an industry-wide Australian dollar stablecoin early last year, but the effort failed due to competition concerns and banks being at different stages in their crypto strategy.Australia’s crypto policy Australia’s government was still mulling over stablecoin regulation at press time.
Notably, stablecoin regulation was part of a private member’s bill that Australian Senator Andrew Bragg drafted in September 2022.To strengthen safety around crypto, the Australian government has promised to establish a framework for the licensing and regulation of crypto service providers in 2023.Additionally, the country’s central bank has started a pilot test to explore potential use cases for Australia’s own central bank digital currency.The creation of CBDCs will likely be completed by mid-2023 as well.The number of ATMs supporting digital currencies has fallen around the world over the course of a turbulent year for the whole industry.
According to a new report, the United States has lost more machines offering crypto teller services than any other country, while Australia tops the chart in terms of new installations.2022 Ends With Fewer Crypto ATMs Globally, US Removes Almost 200 Devices Automated teller machines (ATMs) allowing users to purchase cryptocurrencies or exchange coins for fiat have decreased in number in the past year.According to data compiled by Coin ATM Radar, the period started with 38,691 and ended with 38,603 bitcoin ATMs, a negative growth of 88 units or -0.2%.The tracking site emphasized: This is the first time we can see a negative number of Bitcoin ATM installations.The figures come from the Radar’s Bitcoin ATM Market Dynamics December 2022 report.The study shows that the U.S.
remains the pronounced leader in terms of active ATMs, with 33,941 locations out of a global total of 38,608.However, the nation has also seen the most crypto ATMs removed last year — 188, or 0.6%.“When we take a look at the most active countries list, the first thing we can notice is that the usually dominant United States is in the last place,” the authors remarked.Meanwhile, Australia has climbed to the top of the list with 50 new installations which represent an increase of almost 30%.
Canada, where 16 new BATMs have been installed, is next with 0.6% positive growth, bringing its total to 2,558.It’s followed by Hong Kong which at the end of 2022 had nine more machines than at the beginning of the year, a 6.8% increase to a new all-time high of 142 for the Chinese special administrative region.The only EU country in the top five, Germany, added eight bitcoin ATMs to its 89 in 2021.
Mexico has the highest growth in Latin America (17.1%), from 35 to 41 machines.
They are followed by around a dozen European nations with positive statistics but the Old Continent still lags far behind North America in the totals.Among the other findings in the research worth noting is that the share of bitcoin ATMs supporting other cryptocurrencies besides BTC has risen during the studied period and currently stands at almost 68%.With 11 additions (0.18% increase), dash was the most added coin in December.General Bytes, Genesis Coin, and Freedom Gateway remain the most active manufacturers of crypto teller machines.
General Bytes had 222 devices installed during the examined period.Coinhub, Coinflip Bitcoin ATMs, Olliv, and Coin Time were the operators that saw significant increases in the number of machines they were managing.
Tags in this story ATM, ATMs, Australia, Bitcoin ATM, Bitcoin ATMs, Canada, Coin ATM radar, Crypto, Crypto ATM, Crypto ATMs, Cryptocurrencies, Cryptocurrency, Devices, installations, machines, Number, report, Research, study, teller machines, U.S., United States, US Do you think 2023 will bring a change to the bitcoin ATM market dynamics? Share your expectations in the comments section below.Lubomir Tassev Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.
Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Top posts Uncategorized4 hours ago NYDFS Releases Guidance On Importance Of Segregation And Separate Accounting For Customer Funds In Crypto Industry On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money…
Beacon chain withdrawals5 hours ago Ethereum Developers Commence Finalizing Shanghai Upgrade ‘Shadow Fork’ For Testing And Bug Identification Ethereum developers have begun finalizing the Shanghai upgrade “shadow fork,” according to software engineer Marius van der Wijden.The “shadow…Uncategorized7 hours ago Economist Mohamed El-Erian Predicts ‘Sticky’ Inflation Despite Federal Reserve’s Efforts To Bring It Down As investors examine the next move of the Federal Reserve, analysts, economists and market participants are also closely monitoring inflation…
Artificial Intelligence7 hours ago Beginner’s Guide To Neural Networks In Artificial Intelligence Beginner’s Guide to Neural Networks in the Field of Artificial Intelligence As we go through the topic of artificial intelligence…Uncategorized8 hours ago BudBlockz Vs.Bitcoin, Ethereum, And Tether: Which Crypto Is The Real Winner? The crypto market may be currently experiencing a ‘crypto winter.’ After every past bear market, cryptocurrencies have come back stronger…ChatGPT8 hours ago Top 10 Uses Of ChatGPT For Python Programmers Top 10 ways in which python programmers can utilize ChatGPT’s language modeling capabilities ChatGPT from OpenAI is an AI tool…
Uncategorized9 hours ago Ethereum Could Benefit From Stealth Addresses Implementation, Says Vitalik Buterin Ethereum co-founder Vitalik Buterin published a research post that suggests using stealth addresses to enhance privacy-preserving transfers.Buterin detailed that…Cryptocurrency9 hours ago Top 10 Women Influencers In Crypto To Follow In 2023 Top 10 women influencers in the crypto industry that you should follow to have a proper crypto educator The number…Analysis10 hours ago Bitcoin, Ethereum Technical Analysis: BTC Remains Near $23,000 To Start The Week Bitcoin continued to hover around the $23,000 level on Jan.
23, as bullish sentiment remained high in markets.Over the…Bitcoin10 hours ago BTC’s hashrate leads to rising tensions- Is mining industry at a crossroads? Bitcoin hashrate is at an all-time high, and competition for block rewards is fierce.Miners’ revenue has declined, and the…https://news.btcminingvolt.io/bitcoin/bitcoin-bullish-signal-whales-go-on-1-4b-buying-spree/ Bitcoin Bullish Signal: Whales Go On $1.4B Buying Spree On-chain data shows Bitcoin whales have accumulated $1.4 billion in the asset during the last two weeks, a sign that…Technology11 hours ago 0xPlasma Labs receives initial approval to deploy Uniswap v3 to BNB Chain 0xPlasma Labs receives initial approval to deploy Uniswap v3 to BNB Chain Christian Nwobodo · 5 seconds ago · 1…Australia11 hours ago Australian Finance Minister says crypto could be regulated as financial product Australian Finance Minister says crypto could be regulated as financial product Oluwapelumi Adejumo · 5 mins ago · 1 min…altcoin11 hours ago Why Ripple’s predicted victory could be SEC’s regulatory undoing? Full crypto regulation was not bound to happen soon according to Ripple’s lawyer.
The XRP technical outlook showed that the…Analysis11 hours ago Bitcoin back to 15th-largest market cap following fall to 26th in 2022 Bitcoin back to 15th-largest market cap following fall to 26th in 2022 Zeynep Geylan · 30 mins ago · 1…Uncategorized11 hours ago Microsoft CEO Satya Nadella Praises Metaverse ‘Sense Of Presence,’ Calls It ‘Game-Changing’ Satya Nadella, CEO of Microsoft, has given his opinion about the metaverse and the impact that the tech might have…Regulation12 hours ago South African regulator mandates crypto ad risk warnings South African regulator mandates crypto ad risk warnings Christian Nwobodo · 1 hour ago · 1 min read South Africa’s…Australia12 hours ago Here’s what Australian executives are thinking about crypto After the assistant treasurer’s recent comments, Australian crypto CEOs have cautioned against defining all digital assets as financial commodities.National…
Trending – Uncategorized7 days ago Ethereum Validator Count Surpasses 500,000 Ahead Of Upcoming Shanghai Hard Fork – HideCryptopanic7 days ago LBank CEO Allen Wei expresses excitement about Metaverse’s potential valuation – Crypto6 days ago Japan wants crypto ‘regulated’ and ‘supervised’ like “traditional institutions” – altcoin7 days ago What’s next for Cronos [CRO] after ETH whales consider it worthy of… – altcoin7 days ago Why does Shiba Inu [SHIB] continue to stagger despite the Shibarium update? – altcoin7 days ago Will Stellar Lumens [XLM] have a decent pullback before pumping toward the $0.1 mark? Decoding… – Investo7 days ago 3AC and Coinflex founders join hands to launch new crypto exchange – Crypto news7 days ago Monex Group CEO Says They are Interested in FTX Japan []https://news.btcminingvolt.io/uncategorized/ethereum-validator-count-surpasses-5 -ahead-of-upcoming-shanghai-hard-fork/ []https://news.btcminingvolt.io/sponsored/lbank-ceo-allen-wei-expresses-excitement-about-metaverses-potential-valuation/ []https://news.btcminingvolt.io/news/japan-wants-crypto-regulated-and-supervised-like-traditional-institutions/ []https://news.btcminingvolt.io/news/whats-next-for-cronos-cro-after-eth-whales-consider-it-worthy-of/ []https://news.btcminingvolt.io/news/why-does-shiba-inu-shib-continue-to-stagger-despite-the-shibarium-update/ []https://news.btcminingvolt.io/news/will-stellar-lumens-xlm-have-a-decent-pullback-before-pumping-toward-the-0-1-mark-decoding/ []https://news.btcminingvolt.io/news/3ac-and-coinflex-founders-join-hands-to-launch-new-crypto-exchange/ []https://news.btcminingvolt.io/news/monex-group-ceo-says-they-are-interested-in-ftx-japan/.
