Regulation
Coinbase Picks Local Policy Chief as Crypto Industry Braces for Regulation — Capital Brief
Slowly but surely, Australian cryptocurrency legislation is creeping forward and industry players are preparing accordingly.
Coinbase has appointed David Menzformer Treasury Director and ASIC economist, as APAC Policy Officer. Among his first orders of business will be guiding Coinbase’s approach to Australia’s digital asset platform legislation.
“[The blockchain] “It’s a new technology, any regulation that isn’t fit for purpose will reduce the development of that technology and reduce the value that could be derived from it,” Menz said. “Part of that is potentially creating new tracks for the financial system that are more efficient, have fewer intermediaries and allow access to many more people around the world.”
Menz is based in Singapore, Coinbase’s hub in the region. He came to the job from the other side of the fence, having spent two years as the director of the Treasury’s crypto unit. Previously, Menz worked at CommSec and ASIC.
The legislation will be important not only for cryptocurrency exchanges operating in Australia, but also for banks and other financial institutions interested in adopting blockchain technology, such as stablecoins and asset tokenization, but only with a clear regulatory framework.