Blockchain Australia has appointed Simon Callaghan as its new CEO, and he is expected to guide crypto regulation in the country by learning from the United Kingdom, Hong Kong, and Singapore rather than the United States. Callaghan, formerly the digital assets program lead at Cambridge University, aspires to avoid replicating the U.S. Securities and Exchange Commission’s enforcement-based regulation, which has involved lawsuits against major exchanges and the classification of numerous tokens as securities.
Callaghan’s appointment comes after a year of uncertainty for the industry after the departure of former CEO Steve Vallas in July 2022. With experience at organisations like Celsius and Vauld, Callaghan is well-versed in the crypto industry. He will now represent the association’s 112 members, including prominent names like Binance Australia, Circle, Ripple, and Mastercard, all seeking more straightforward regulatory guidelines.
While the Australian government has not taken a strict stance on cryptocurrencies like its U.S. counterparts, Callaghan emphasises the importance of a well-considered approach. The Treasury is conducting a “token mapping exercise” to classify various digital assets before enacting legislation, which is not expected until 2024.
Callaghan hopes Australia’s legislators will draw inspiration from jurisdictions like Singapore, Hong Kong, and the U.K., which are developing regulatory frameworks that balance innovation and consumer protection. He commends the Hong Kong monetary authorities for encouraging collaboration between banks and the crypto sector.
In 2021, an Australian Senate committee report recommended that crypto firms challenge debanking decisions and that banks should conduct due diligence rather than implementing blanket bans. However, some Australian banks have recently imposed restrictions on payments to local crypto exchanges due to concerns about financial scams. Callaghan plans to engage in discussions with these banks to gain a deeper understanding of their positions.
As Callaghan takes on his new role, he aims to provide regulatory clarity that fosters innovation, job creation, and economic growth in Australia’s blockchain industry.
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