The Australian encryption industry called on the newly re -elected labor government to make digital asset legislation urgently a top priority to ensure that Australia is not behind the global markets.
The current Australian Labor Party was restored in a landslide on May 3, as it received 54.9 % of the two -party voting, against liberal and national parties by 45.1 %. Both parties went to reform in the encryption law, but only the opposition He pledged to submit the legislation project within 100 days.
Joy Lam, the President of the World Organization and Apac Legal, said the stock exchange has been consulting with treasury officials since late 2023 about its proposed legislation, and it is time to work now.
“Time is very important now because it is clear that it has been discussed and kick for a few years,” she told Cointelegraph.
The administrative director of Coinbase told Apac John O’Loghlen that the Albanian government, which has been re -elected, has a “opportunity and responsibility to move quickly in this case” and called for the creation of a work squad in encrypted assets within 100 days “with the aim of providing legislation that protects consumers, enhance innovation, and stop talent boots and higher markets.”
Caroline Buller, CEO of BTC Markets “Besides political effects, this result determines the way to the progress of a meaningful approach to Australia’s approach to regulating digital origins.”
Notice that The UK released its regulations last weekStablecoin bills advance in the United States, and the European Union has already implemented MICA legislation.
“Therefore, there is a very clear shift. Everyone is heading towards providing the organizational framework necessary for the industry to develop in a sustainable way. So the time is in fact the essence now.”
The encryption legislation project within months
Cointelegraph office told the office of Cointelegraph that the project to be exposed to legislation will be issued at some point this year for consultation, and “any legislative reforms will be training at the passage of time to reduce the disturbances of the current companies.”
Although the Treasury has a legislation project on “Regulating Digital Asset Platforms” and “updating the payments system” It is scheduled For the end of June, Lam is not confident. “I don’t know if this quarter specifically is still a kind of timeline,” she said.
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Although Alp was attacked by some due to the lack of any action in its first term in the government, this may have already led to a better result than the legislation that took its signals from the Joe Biden administration approach, which took a difficult line on banks that deal with the cryptocurrency and looked at most of the coins.
Industry figures reported a noticeable development in the government’s approach to encryption between when the proposals were presented for the first time to consult at the end of 2023 and when the Treasury issued more positive.A statement on the development of the innovative Australian digital asset industry“In March this year.
The statement defines major priorities, such as the use of the current Australian financial services licensing system (AFSL) to support the regulation of digital assets and Stablecoins payment. It focuses on the safe custody of the client’s assets by central service providers and avoiding issues on decentralized financing Platforms.
Lam welcomed the use of AFSL. “It is clear that we do not need to re -invent the wheel,” she said. “It is something that people know and understand. It is a fairly reasonable step, and it will also be easier for the organizers.”
Distinguished symbol and sand box
The government will also review the augmented regulatory sand fund, which aims to provide space for startups in innovative digital assets to grow from the red tape. The statement also highlights opportunities with the distinctive symbol.
Lam said that the change in focus showed that the government listens to this industry.
Lam said: “It reflects the industrial reactions that they had received in 2023 as a result of consultation, as well as the changing scene because it is clear that it was developing very quickly at the international level.”
“They now have the benefit of looking at what has succeeded and did not work in other judicial states, and the construction is really on these lessons.”
“Many basic works and research” seemed to be widely positive.
“Of course, there are still a lot of details about the digital asset system in Australia.
Securities organizer ASIC issued proposals for their encryption regulations (Information 225In December, reactions from these consultations will help inform the new legislation of the government.
“In its essence, it explains in detail how the various symbolic versions and encrypted mediation will coincide with the current securities legislation in Australia, which states a transitional period,” Markovi explained.
Guidance project Suggest NFTS, in-game assets and mimokinate are not financial products-the local reward for “security”-while it may be likely to be the distinctive symbol supported by the return or the gold-backed symbol.
The treasury statement also highlighted issues with Debanking. Lam said that the organization of the industry simply will take a long way towards solving the problem.
She said: “What we really want from governments and organizers is a clean license framework, because this makes a long way to relieve risks and give banks the comfort they need.” “After that, there are likely to be some additional directives provided to banks.”
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