Australia's Key Crypto Laws Are at a Crossroads: The Inside Story
As crypto winter sets in once again, industry players in Australia, one of the most crypto-friendly countries in the world, are watching closely for a change in the climate regulatory.
Anthony Albanese, the new Prime Minister of the Australian Labor Party, has made crypto regulation a top priority. However, neither he nor his cabinet gave a clear indication of how he might approach the unregulated space.
It is not yet known whether Australia's innovative crypto legislation will pass.
“Labour campaigned for government without a cryptocurrency policy,” says Senator Andrew Bragg, a member of the Liberal Party, who was recently thrown into opposition after nine years in government.
The 37-year-old led a Senate report on crypto regulation last year that made 12 key recommendations on issues ranging from exchange registration to taxation and debanking. Speaking at the Australia Blockchain Week conference in March, he proposed the Digital Services Act, a legislative package that consolidated the report's recommendations into law.
Senator Andrew Bragg led the campaign for better crypto laws. < p>However, Bragg's Liberal Party lost its parliamentary majority to Labor in a federal election in May, and the law's future remains uncertain.
“There has been no statement on what Labor Party policies will be. It could be anything at this stage,” he added.
The Treasury declined to comment on its crypto policy plans for the report. So far, the bureau has only clarified that it will continue to exclude crypto from taxation as a foreign currency, following El Salvador's adoption of Bitcoin as legal tender.
People in the industry can only guess what the new government might do next, but Ron Tucker, founder and chairman emeritus of pressure group Blockchain Australia, sees a "silver lining" in this pregnant break. He cautions against the kind of knee-jerk reactions to market volatility seen in other countries.
“While we need to protect consumers, if we rush regulation we will likely get the parameters wrong, stifling innovation in the ecosystem and excluding Australia from future growth in the global crypto market ", says Tucker.< /p>
"In truth, the proposals made in the Bragg report are only about 70% complete. They would need more work, and recent events such as the collapse of TerraUSD and Celsius have shown where the We are now at a critical juncture, so this is a chance to make sure we are not heading down the wrong path."
...
As crypto winter sets in once again, industry players in Australia, one of the most crypto-friendly countries in the world, are watching closely for a change in the climate regulatory.
Anthony Albanese, the new Prime Minister of the Australian Labor Party, has made crypto regulation a top priority. However, neither he nor his cabinet gave a clear indication of how he might approach the unregulated space.
It is not yet known whether Australia's innovative crypto legislation will pass.
“Labour campaigned for government without a cryptocurrency policy,” says Senator Andrew Bragg, a member of the Liberal Party, who was recently thrown into opposition after nine years in government.
The 37-year-old led a Senate report on crypto regulation last year that made 12 key recommendations on issues ranging from exchange registration to taxation and debanking. Speaking at the Australia Blockchain Week conference in March, he proposed the Digital Services Act, a legislative package that consolidated the report's recommendations into law.
Senator Andrew Bragg led the campaign for better crypto laws. < p>However, Bragg's Liberal Party lost its parliamentary majority to Labor in a federal election in May, and the law's future remains uncertain.
“There has been no statement on what Labor Party policies will be. It could be anything at this stage,” he added.
The Treasury declined to comment on its crypto policy plans for the report. So far, the bureau has only clarified that it will continue to exclude crypto from taxation as a foreign currency, following El Salvador's adoption of Bitcoin as legal tender.
People in the industry can only guess what the new government might do next, but Ron Tucker, founder and chairman emeritus of pressure group Blockchain Australia, sees a "silver lining" in this pregnant break. He cautions against the kind of knee-jerk reactions to market volatility seen in other countries.
“While we need to protect consumers, if we rush regulation we will likely get the parameters wrong, stifling innovation in the ecosystem and excluding Australia from future growth in the global crypto market ", says Tucker.< /p>
"In truth, the proposals made in the Bragg report are only about 70% complete. They would need more work, and recent events such as the collapse of TerraUSD and Celsius have shown where the We are now at a critical juncture, so this is a chance to make sure we are not heading down the wrong path."
...What's Your Reaction?
