Related: Australian election will bring pro-crypto laws either way While the ALP has been attacked by some over not taking any action in its first term in government, that may actually have resulted in a better outcome than legislation that took its cues from the approach of Joe Biden’s administration, which took a hard line on banks dealing with cryptocurrency and viewed most coins as securities. Industry figures report a noticeable evolution in the government’s approach to crypto between when proposals were first put out for consultation at the end of 2023 and when the Treasury released its much more positive “Statement on Developing an innovative Australian digital asset industry” in March this year.
Lam said the change in emphasis showed the government has been listening to the industry. “It reflects the industry feedback that they would have received in 2023 as a result of the consultation, as well as the changing landscape because obviously it’s been evolving pretty quickly internationally,” Lam said.“They do have the benefit now of looking at what has worked and hasn’t worked in other jurisdictions, and really building on those lessons.”Dea Markovy, policy director at Fireblocks, told Cointelegraph that “a lot of the groundwork and research is done” and it was looking broadly positive.“Of course, a lot of details are still to come around Australia’s Digital Asset Platforms (DAPs) regime.
So time is really of the essence now.”Draft crypto legislation within monthsTreasurer Jim Chalmers’ office told Cointelegraph that exposure draft legislation would be released sometime this year for consultation, and any legislated reforms would be “phased in over time to minimize disruptions to existing businesses.”Although the Treasury has draft legislation on “regulating digital asset platforms” and “payments system modernization” scheduled for release by the end of June, Lam isn’t confident.
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Author / Journalist: Cointelegraph by Andrew Fenton
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