The Australian crypto industry is pressing the newly reelected Labor government to prioritize digital asset legislation after their significant electoral victory. Both the Labor Party and the opposition made promises for crypto law reform during the election, with the latter committing to draft legislation within 100 days. Industry leaders from companies like Binance and Coinbase emphasize the urgency of adopting regulatory frameworks that protect consumers while fostering innovation. With global counterparts advancing their regulations rapidly, there is a growing concern that Australia risks falling behind in the competitive crypto market.
The Australian crypto industry has called on the newly reelected Labor government to urgently make digital asset legislation a top priority to ensure Australia doesn't fall further behind global markets.
Joy Lam emphasized the critical timing for regulatory action, stating that crypto legislation has been discussed for years but now requires immediate implementation.
John O'Loghlen urged the reelected government to establish a Crypto-Asset Taskforce in its first 100 days to protect consumers and promote innovation.
The political outcome sets the stage for potential advancements in Australia's digital asset regulation, as other countries rapidly implement their frameworks.
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