OKX, Coinbase Positive About Australia’s Crypto Future

Lavina Daryanani
Source: Newcastle Herald

Crypto assets continue to thrive despite being in the midst of macro-economic instability. Just a few hours back, Bitcoin went on to claim the $29k mark, for the first time since June 2022. Alongside, companies from the industry have also been expanding their reigns to cater to the growing demand for crypto assets.

Crypto exchange OKX recently announced that it will be opening an office in Australia “in the coming months.” Haider Rafique, the Chief Marketing Officer at OKX asserted that the exchange intends to become “the leading crypto platform in the world.” Elaborating on how the latest initiative would help foster the company’s ambition, he said,

“We see Australia as an indispensable part of this strategy and a key growth market. With such a strong uptake of crypto in Australia already, we’re committed to the local market and aim to build a strong local office.”

OKX has a host of prominent ambassadors like F1 driver Daniel Ricciardo and Olympic snowboarder Scotty James. Commenting on the latest development, Ricciardo said that the future “looks bright” for OKX in Australia. James, on the other hand, said,

“Crypto never sleeps, and OKX continues to build its community. Australia is a special place for crypto.”

Also Read – Crypto: Australian Government Acting “Swiftly” To Protect Consumers

Australia and Crypto

Australia has been looking to alter its cryptocurrency regulatory landscape and amplify the rules. As reported recently, Australia is now looking to provide the securities regulator additional resources, including manpower, to oversee the crypto ecosystem in the nation.

In fact, the country is adopting a “multi-stage approach” to regulations. The same involves three elements. Specifically, they include strengthening enforcement, bolstering consumer protection, and establishing a framework for its token mapping reform.

Furthermore, it is worth noting that Coinbase recently expressed its support for the development of Australia’s regulatory framework. Just a day back, it submitted a token mapping consultation paper outlining why it is necessary for Australia to adopt a flexible approach with respect to regulations. It emphasized,

“Given the constantly evolving nature of digital assets and blockchain technology, a fit-for-purpose regulatory regime must focus on outcomes.”

In fact, according to Tom Duff Gordon, Coinbase’s Vice President for International Policy, Australia is “leading” the way in “thoughtful” crypto regulation. In a recent blogpost, he wrote,

“Australia’s approach to the crypto industry is a positive one, with a strong focus on responsible innovation and consumer protection.”

The United States, on the other hand, has been taking enforcement actions against crypto firms. A host of companies from the sector have been asked to shut shop, stop offering particular services, and pay fines. Alongside, regulators are also scrutinizing companies like Binance and Coinbase for possible violations. In such an environment, Coinbase feels that Australia, along with other regions like the U.K., EU, UAE, Hong Kong, Japan, and Singapore are all “creating environments for crypto to flourish.”

Also Read – Australia: Banks Asked to Report Crypto Exposure