The Australian cryptocurrency industry cannot afford to wait years for regulatory clarity, and consumers need confidence to access services tied to digital assets. This was stated in a statement by the local blockchain association.<\/p>\n
The recommendations were a response to the authorities’ request on how to bolster Australia\u2019s position as a ‘tech and financial’ hub. Industry participants urged a coordinated, phased approach to building a suitable regulatory framework.<\/p>\n
\n“The government and regulators should provide crypto-asset providers with a safe harbour until guidance or laws emerge,” the statement said.<\/p>\n<\/blockquote>\n
Representatives of the association added that any regulatory requirements should include a transitional period. They recommended forming a working group to ensure close coordination between industry and regulators.<\/p>\n
Earlier, New South Wales Senator Andrew Bragg called for the creation of a ‘proper’ regulatory framework<\/a> to maintain the country\u2019s competitive edge and protect consumers.<\/p>\n
According to a Kraken Bitcoin exchange poll, one in five Australians considered investments in bitcoin more profitable than traditional savings<\/a>. Another view was voiced by billionaire Hamish Douglas \u2014 he called digital assets one of the ‘greatest mass delusions<\/a> in modern history.”<\/p>\n
As noted, in June ASIC<\/span> saw a threat to consumers and markets from Bitcoin-based exchange-traded funds<\/a>.<\/p>\n
Senate Select Committee Paper<\/a> by ForkLog<\/a> on Scribd<\/p>\n