- Expert lawyers observe “mass exodus” of digital assets from Australia since mid-2022.
- Coinbase warns Australia of falling behind global counterparts in digital asset regulation.
- Crypto industry calls for urgent regulatory action in Australia during a public hearing on the Digital Assets bill.
The public hearing conducted by the Economics Legislation Committee on the Digital Assets (Market Regulation) bill witnessed a fervent call from the crypto industry for urgent regulatory action. Coinbase Chief Policy Officer Faryar Shirzad’s resounding message was clear — Australia risks falling behind its global counterparts in the race to regulate digital assets.
Liberal Senator Andrew Bragg revealed the critical insights shared during the recent public hearing. Several witnesses representing major blockchain and crypto companies voiced their concerns over Australia’s delayed approach to digital asset regulation.
Coinbase, a major crypto exchange, compared Australia’s progress to that of other leading economies like the EU, UK, Singapore, Hong Kong, and Japan. Shirzad asserted that Australia was significantly lagging behind in the race to regulate digital assets. This echoed concerns raised by Blockchain Australia, with both organizations warning that this delay could lead to lower levels of investment, innovation, and job opportunities in Australia.
RMIT University Blockchain Innovation Hub, a reputable research center, added its voice to the chorus, stressing the urgency of law reform and advocating for expedited progression of the bill’s provisions on exchanges and stablecoins.
Revolut, a fintech company, echoed the sentiment of urgency, expressing frustration that discussions on crypto regulation had been ongoing for years. They highlighted that Australia’s delay in taking action was impacting investment decision-making.
BTC Markets, a prominent crypto exchange, warned that Australia could not take a leadership role in the industry without a proper regulatory framework. They expressed concerns that, if the delay continued, they might consider seeking licenses from other countries.
Kraken Exchange, yet another major crypto exchange, expressed frustration with the current situation, stating that Australia was nowhere near having a proper regulatory structure for the industry.
Furthermore, expert lawyers weighed in with alarming observations, revealing a “mass exodus” of digital asset types from Australia since mid-2022. They confirmed that some Australian exchanges were considering moving their operations offshore due to the lack of regulatory clarity.
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