The Australian cryptocurrency industry cannot afford to wait years for regulatory clarity, and consumers need confidence to access services tied to digital assets. This was stated in a statement by the local blockchain association.
The recommendations were a response to the authorities’ request on how to bolster Australia’s position as a ‘tech and financial’ hub. Industry participants urged a coordinated, phased approach to building a suitable regulatory framework.
“The government and regulators should provide crypto-asset providers with a safe harbour until guidance or laws emerge,” the statement said.
Representatives of the association added that any regulatory requirements should include a transitional period. They recommended forming a working group to ensure close coordination between industry and regulators.
Earlier, New South Wales Senator Andrew Bragg called for the creation of a ‘proper’ regulatory framework to maintain the country’s competitive edge and protect consumers.
According to a Kraken Bitcoin exchange poll, one in five Australians considered investments in bitcoin more profitable than traditional savings. Another view was voiced by billionaire Hamish Douglas — he called digital assets one of the ‘greatest mass delusions in modern history.”
As noted, in June ASIC saw a threat to consumers and markets from Bitcoin-based exchange-traded funds.
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