The architect of a Senate report to regulate Australia’s cryptocurrency sector, released almost a year ago, said the new Labor government should get on with introducing legislation rather than reassessing assessments on the issue.
Liberal Senator Andrew Bragg co-chaired the Senate Select Committee’s landmark report on digital asset regulation last year, which examined topics such as regulation and consumer protection, fintech terror “debanking” and taxation of digital assets, and set out our legislative roadmap with 12 recommendations. They were accepted by the previous coalition government.
Speaking to Startup Daily on ausbiz today, Senator Bragg said Assistant Treasurer Stephen Jones and his boss Jim Chalmers must act before Australia loses its digital assets.
Treasurer Jim Chalmers said the “first step in the reform agenda” for the crypto treasury will help define how crypto assets and related services should be regulated while prioritizing the rest of this year’s ‘token map’ work.
Chalmers said Treasury’s work will identify gaps in the regulatory framework, work on the licensing framework, review innovative organizational structures, address safeguarding obligations for third-party custodians of crypto assets and provide additional consumer protections.
A public consultation paper on the token map will be released soon.
But much of the groundwork had already been laid in the Bragg report and subsequent Treasury consultation, although Chalmers accused the previous government of prematurely “moving on to options without understanding what was fixed”.
Senator Bragg, now in opposition, said the government was trying to create the impression that it was doing something when it wasn’t.
“Australia is in the midst of a race for consumer protection, capital attraction and innovation. Instead of responding to the Treasury’s consultation on crypto markets and security, the Albanian government is issuing another review,” he said.
“The government should get on with drafting legislation instead of doing more reviews. We’re setting up endless reviews while our competitors are ramping up their regulatory systems.”
Here is the interview:
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