The Australian Financial Planning Association said it needed to regulate cryptocurrency exchanges and implement a “cryptocurrency rulebook”.
What happened: In a recent statement, Ben MarshanThe Head of Policy, Strategy and Innovation of the Australian Financial Planning Association has revealed the organization’s support for the “Cryptocurrency Rulebook”, which includes a documented book for a regulatory framework outlining cryptocurrencies. Bitcoin BTC / USD..
He further emphasized the need to regulate cryptocurrency exchanges rather than directly regulating crypto assets. Marshan said that protecting crypto consumers and investors is paramount, and to achieve that, crypto exchanges need to be regulated.
The idea of the “Cryptographic Rulebook” was first proposed by the Australian Law Amendment Council (ALRC) in May. Marshan extends this idea to “it’s much easier because people can go to specific sections and be much more efficient, instead of working over thousands of pages of corporate law.” It states.
Therefore, as the cryptocurrency industry continues to grow globally and expand into many sectors and service areas, it is important to regulate this asset class in countries such as Australia.