TechFlow, May 5 — According to Cointelegraph, Australia's cryptocurrency industry is urging the newly elected Labor government to prioritize digital asset legislation to ensure the country does not fall further behind in the global market.
Joy Lam, Binance’s Head of Global Regulatory Affairs and Legal for Asia-Pacific, said the exchange has been consulting with Treasury officials on legislative proposals since late 2023 and it is now time to take action. Coinbase Asia-Pacific Managing Director John O'Loghlen called for the establishment of a crypto assets working group within the government’s first 100 days in office.
The Treasury stated it will release an exposure draft this year, and any legislative reforms will be implemented in phases to minimize disruption to existing businesses. The bill will focus on regulating digital asset platforms and modernizing payment systems, using the existing Australian Financial Services Licence (AFSL) framework as its regulatory foundation.
