Crypto.com says the government must turn their focus to crypto legislation

Vakul Talwar

With Federal Parliament having largely been in campaign mode for the majority of the calendar year and with the election result now confirmed, it is important that our politicians now turn their attention to drafting fit-for-purpose crypto legislation.

Prior to the election, it was positive to see the Federal Albanese Government commit to providing regulatory clarity for crypto assets in Australia and doing so through the existing AFSL regulatory framework, if re-elected. Crypto.com has long been an advocate for this and supported the Government in their opposition to ASIC’s proposed Info Sheet 225, which sought crypto exchanges to hold an impractical market operating license.

During the campaign, the opposition committed to have draft crypto legislation within the first 100 days of taking office and we encourage the new government to match this commitment and timeline. We also look forward to working with the incoming minister responsible for cryptocurrency, to ensure that this legislation meets the needs of both consumers and the industry.

With former Shadow Minister for Financial Services, Luke Howarth MP, now exiting the Parliament, it is important that the Coalition have a strong advocate for crypto reform in this role, to ensure that we can progress legislation in a bi-partisan manner.

There has been a clear shift in momentum towards regulating crypto in Australia from all sides of politics and we believe this will continue in the new Parliament. It is fundamental that we make strong inroads into developing fit for purpose legislation by year end, as a failure to do so risks Australia losing out on foreign investment and innovation moving to other jurisdictions that offer more clarity.

By Vakul Talwar, Head of Australia