Cryptocurrency Update

FPA says crypto assets should be regulated like their equivalents

In a submission to Treasury, the Financial Planning Association of Australia (FPA) supports a crypto assets regulatory framework, saying underlying technology is irrelevant with financial products. The submission discusses crypto assets creating a duplicate regulatory regime and requiring financial advisers to have another licence. The FPA backs the creation of a rules book.

Survey shows more financiers than ever heading into crypto companies

An ETF Securities survey found that traditional financial professionals are moving into jobs at crypto companies, with the most recent being three JP Morgan executives. Managing director Eric Wragge moved to Algorand Foundation, while former head of asset management sales Samir Shah moved to Pantera Capital.

IOSCO publishes Crypto-Asset Roadmap 2022-2023

The Crypto-Asset Roadmap has been published by the International Organization of Securities Commissions (IOSCO) setting out regulatory policy agendas and work programs for the sector across the next 12-24 months.

A Board-level Fintech Taskforce (FTF) was established in March 2022 and is mandated to develop, oversee, deliver and implement IOSCO’s regulatory agenda for fintech and crypto-assets. The FTF is focusing on Crypto and Digital Asssets (CDA) and Decentralised Finance (DeFi), with each workstream to publish a report with policy recommendations at the end of 2023.

Government says crypto not taxed as foreign currency

The government has confirmed that cryptocurrencies are still excluded from foreign currency tax under the current government. Uncertainty has been raised by El Salvador adopting bitcoin as legal tender.