- Industry experts are urging the re-elected Labor government to fast-track digital asset legislation, warning that Australia risks falling behind global markets without clear rules for DAPs and stablecoins.
- There are growing calls for swift action, with stakeholders highlighting the need for timely progress on a fit-for-purpose regulatory framework.
- Proposals include establishment of a dedicated taskforce to protect consumers, to encourage innovation, and to keep talent and investment in Australia.
The newly re-elected Labor government is facing growing pressure from experts in the crypto industry to fast-track comprehensive digital asset legislation to keep Australia on par with global markets.
Following the incumbent Australian Labor Party’s decisive victory on 3 May, industry leaders are calling on the government to move swiftly on earlier promises to establish a fit-for-purpose regulatory framework for Digital Asset Platforms (DAPs) and stablecoins by next year – with some arguing that this timeline needs to be brought forward.
Calls for Urgency and Clear Timelines
Caroline Bowler, BTC Markets CEO, said:
Labor’s re-election provides policy continuity and the stable governance necessary for implementing long-term economic reform. For the digital asset section, it brings with it a legislative mandate and a timeline,
Caroline BowlerCoinbase managing director for APAC, John O’Loghlen said that the “Labor Government has both the opportunity and the responsibility to move quickly on this issue”.
He called for the setting up of a Crypto-Asset Taskforce within the first 100 days of their term “with the aim of bringing forward legislation that protects consumers, promotes innovation and stops the exodus of talent and capital to other markets.”
With global regulatory momentum accelerating, the new Albanese Labor government must show it is serious about making the country a home for Web3 development and digital finance and unleashing the productivity growth this technology can provide.
John O’Loghlen, APAC Managing Director, CoinbaseRelated: Crypto Lobbying Ramps Up Ahead of Australian Federal Election
The Australian Head of Crypto.com, Vakul Talwar, emphasised the importance of moving the legislation timeline forward stating that “strong inroads into developing fit-for-purpose legislation” must be made by the end of the year to avoid potentially “losing out on foreign investment and innovation moving to other jurisdictions that offer more clarity”.
Joy Lam, Binance’s head of global regulatory and APAC legal, said that The Australian Securities and Investments Commission (ASIC) has been in consultation with government officials since 2023 and remains “cautiously optimistic” that the government will move forward with this much-needed legislation.
With the UK releasing its new draft legislations, the US moving forward with stablecoins, and the EU implementing MiCA regulations successfully, Lam noted that the time to move forward is now.
So there’s a very clear shift. Everyone’s moving towards providing the regulatory framework that is needed for the industry to develop in a sustainable way. So time is really of the essence now.
Joy Lam, Head of Global Regulatory And APAC LEGAL, BinanceRelated: Coinbase Urges Next Australian Federal Gov to Act on Crypto Regulation
Credit: Source link
