Industry calls for urgent crypto law reforms after Australian election
The Australian crypto industry urges the reelected Labor government to prioritize digital asset legislation to remain competitive globally. The Labor Party won 54.9% of the vote, with both major parties promising crypto law reform. Industry leaders emphasize the need for swift action, proposing a Crypto-Asset Taskforce within 100 days to protect consumers and foster innovation. The Treasury plans to release draft legislation for consultation this year, focusing on regulating digital asset platforms and modernizing payment systems. The government aims to use the existing Australian Financial Services License regime for regulation and is reviewing an Enhanced Regulatory Sandbox for startups. Recent statements indicate a shift towards a more positive regulatory approach, addressing issues like debanking and providing clarity on token classifications.
