AustraliaMinister of Financial Services Stephen Jonescommented 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, in his country for cryptocurrenciesmade statements.
Australian Financial Services Minister Reveals His Country’s Approach to Cryptocurrency
Sydney Morning Heraldspeaking to Financial Services Minister Stephen Jonesmade statements about the crypto money regulations in his country and his own thoughts.
Jones confirmed that the government will be regulating crypto assets through an advisory process that will launch soon. The minister argued that cryptocurrencies, which he considers to be a financial product in essence, will not be adversely affected by regulations.
Jones, using the duck definition, 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. Justifying this situation Jonesstated that there are good arguments for approaching cryptocurrencies as financial products as well.