Australian Financial Services Minister Stephen Jones has made comments on crypto regulations in his country.
The rise of the crypto money market has made the moves of countries in this sector a matter of curiosity. The increasing adoption of cryptocurrencies and blockchain initiatives recently also revealed the attitude of the globals. Many countries are working hard to keep up with the developing technology. Finally, Australian Financial Services Minister Stephen Jones made statements regarding the cryptocurrency regulations in his country.
Australian Financial Services Minister Reveals His Country’s Approach to Cryptocurrency
Speaking to the Sydney Morning Herald, Financial Services Minister Stephen Jones made statements about crypto money regulations in his country and his own thoughts.
Australian Financial Services Minister Stephen JonesJones confirmed that the government will be regulating crypto-assets through an upcoming consultation process. The minister argued that cryptocurrencies, which he considers to be a financial product in essence, will not be adversely affected by the regulations.
Using the duck definition, Jones stated that the progress of cryptocurrencies from the beginning should be seen as a financial tool. Jones mentioned that other coins are used as a store of value for speculation and investment purposes. Citing this situation, Jones stated that there are good arguments for approaching cryptocurrencies as a financial product.
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