Australia Takes Slow and Steady Approach to Crypto Regulations

  1. The government of Australia is hoping to establish its crypto regulations.
  2. It held a Senate Committee hearing to determine when it will set its plans in motion.
  3. For now, it has been further delayed so as to take a more detailed look.

Australia’s government continues to build a digital asset regulatory framework to encourage innovation and investment whilst protecting its consumers. Today, Blockchain Australia leaders spoke at a Senate Committee hearing to support this move. 

In detail, the session was a hearing about the Treasury Laws Amendment Bill. Specifically, it argues if including Schedule 2 before the token mapping and taxation review exercise could be premature.

To highlight, Gordon Little the Blockchain Australia Policy Lead and Greg Valles the Blockchain Australia director and treasurer made their case. In particular, they made an appearance at the Senate Economics Committee hearing on February 21st 2023. 

Here, they expressed how the inclusion of Schedule 2 in the Bill before the completion of the Board of Taxation review report and token mapping exercise would certainly be premature. They began with the unfortunate scenario of FTX and how there needs to be more time spent on this to ensure a more seamless solution.

Blockchain Australia went on to share a response to the Treasury Laws Amendment 2022 Measures No. 4 Bill 2022 Provisions. The representatives share some statistics over how many Australians have put in their investments in crypto and how these numbers might even grow very soon very fast. 

They say that since the changing dynamics of Web3 can be quite unpredictable. Seeing how the rest of the world is facing many challenges as they try to place regulations, the speakers once again advise taking things slowly in Australia. 

They stress their concern on the need for taking more time into this move before making it live. Ultimately, it looks like Australia is taking its digital asset regulatory framework seriously and would like to get it right in its early stages instead of experimenting for the sake of time.

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