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Coinbase has expressed concerns about the regulatory environment in Australia, particularly the approach of regulation through enforcement by the Australian Securities and Investments Commission (ASIC). Senior executives and the Asia-Pacific Managing Director, John O’Loghlen, have highlighted that this method is not conducive to the overall direction of the cryptocurrency industry. Coinbase is advocating for clear and comprehensive legislation ahead of the expected draft regulations. The company fears that the aggressive actions by ASIC could stifle innovation and growth within the industry. Brian Armstrong, during the Q2 2024 earnings call, emphasized the need for regulatory clarity, citing similar issues faced in Europe before the MiCA regulation.
Brian Armstrong, Coinbase $COIN Q2 2024 earnings call: "The biggest partners that we talk to about integrating crypto often say will say the same thing. They'll say, well, try to wait for regulatory clarity. So for instance, with the MiCA regulation that passed in Europe, that…
WORRIED ABOUT STRICT CRYPTO RULES IN AUSTRALIA: COINBASE Coinbase is concerned about Australia’s tough stance on crypto, fearing too much regulation by enforcement. The exchange wants clear rules ahead of expected draft legislation but is worried ASIC’s aggressive actions could… https://t.co/NWizPq7TL2
COINBASE CONCERNED OVER REGULATION BY ENFORCEMENT IN AUSTRALIA Coinbase’s Asia-Pacific MD, John O’Loghlen, voiced concerns about Australia’s regulatory approach, highlighting the need for clear legislation instead of reliance on enforcement. The exchange is preparing for draft… https://t.co/rEU7hSjecj