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Australian crypto businesses "cannot afford to wait years for regulatory clarity"

By Harry B - Crypto Specialist - 26-07-2021

Blockchain Australia has continuously fought for a hands-on approach to allow for a "fit-for-purpose regulatory framework," promoting an innovative and competitive crypto industry in the country. As part of their vision, Blockchain Australia has presented to the federal government its crypto regulatory suggestions.

Last Friday, the Blockchain Australia association submitted a request to the Senate Select Committee on Australia as a Technology and Financial Centre. The association urged the government to encourage and create a safe workspace for local crypto asset firms, including blockchain start-ups.

The digital asset firm argued that local organisations cannot wait without a time frame to establish regulatory direction. The locals stated that "the government and relevant regulators should provide crypto asset providers a safe harbour" until the government are able to deliver further guidance.

Blockchain Australia suggested creating a cross-sector regulatory standing group to increase communication between the cryptocurrency trading industry and financial institutions. As part of their strategy, the platform highlighted multiple Australian authorities, including the Australian Prudential Regulation Authority, the Reserve Bank of Australia, and the Australian Taxation Office. Blockchain Australia have also requested that ASIC (Australian Securities and Investments Commission) revise the local custodial service rule; RG133, to declare that all licensed custody providers can offer crypto asset management services.

Before Blockchain Australia spoke to the federal government, several local financial players made their worries clear about the Bitcoin (BTC) trading market in the country. The Australia SEC sent a testimony to the Senate Select Committee on Financial Regulatory Technology in mid-July, expressing the concerns and potential risks of privacy and security of asset custody on any cryptocurrency exchange platforms.

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