Coinbase is concerned about Australia's "ongoing enforcement regulation."

ChainCatcher news, according to CoinDesk, Coinbase's Managing Director for the Asia-Pacific region, John O'Loghlen, expressed in an interview that they are concerned about the "ongoing regulation through enforcement," which he believes "does not help" the overall direction of the industry ahead of Australia's upcoming legislative draft. O'Loghlen stated, "Given our recent positive interactions with regulators that we haven't had before, we hope to avoid ongoing regulation through enforcement. With Australia and the U.S. recently approving spot ETF products, there is clearly a good macro theme and a sustained increase in consumer adoption, and we want to ensure that we do not disrupt the situation in this gray area before the legislative draft is released." The Australian Treasury previously announced plans to release a legislative draft by the end of 2024, covering licensing and custody rules for crypto asset providers.

O'Loghlen mentioned that in the "four to five roundtable meetings" held in recent weeks, "we have been outspoken about our concerns regarding the Australian Securities and Investments Commission (ASIC) potentially continuing to enforce regulations," although he praised the new ASIC team for "communicating very positively with all industry participants" and "proactively" engaging in dialogue with "about 50 groups."