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Don’t Follow the US: Blockchain Aus CEO Hammers ‘Regulation by Enforcement’

June 26 (Cointime) - New Blockchain Australia CEO Simon Callaghan wants the Australian government to learn cryptocurrency regulation from places like the UK, Hong Kong and Singapore, not the US. He believes "enforcement regulation" is tantamount to holding a hammer and treating everything as a nail, which is not the right approach for Australia.

Callaghan will call for greater regulatory clarity on behalf of the association's 112 members, including companies such as Binance Australia, Circle, Ripple and Mastercard.

Unlike U.S. regulators and the Biden administration, the Australian government has not taken a hard line on cryptocurrencies. Callaghan said the Treasury Department is conducting a “token mapping exercise” to determine how to classify various digital assets, with regulations expected until at least 2024.

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