Australia Risks Falling Behind in Crypto Regulation: Think Tank

• Australia needs to speed up its pace in developing crypto regulation or risk falling behind in emerging markets.
• Loretta Joseph, chair of the Australian Digital Financial Standards Advisory Council (ADFSAC) has warned that the country is still too slow when it comes to developing regulations.
• Bermuda, Mauritius and Nigeria have all been involved in regulating or policymaking for their local crypto industries.

Australia’s Crypto Laws Risk Falling Behind

Australia’s government needs to quicken its pace in developing crypto regulation or risk falling behind other countries, according to the chair of a new crypto think tank. Loretta Joseph, chair of the Australian Digital Financial Standards Advisory Council (ADFSAC), warned Cointelegraph that the country risks falling behind others when it comes to developing regulations.

Treasury Consultations

Earlier this year, Australia’s Treasury ran consultations for its “token mapping” exercise to help classify different crypto assets. A paper consulting on possible licensing framework is expected in mid-2023, while roundtables on crypto licenses are expected to take place in the third quarter. There’s also a private bill to expedite crypto regulation.

Joseph’s Warning

Joseph warned that the pace of regulatory development in the country is still too slow compared with other countries such as Bermuda and Nigeria which are moving faster on crypto than Australia will soon “need to be up to speed.” She noted “the impact decentralized technology has on bettering people’s lives globally.”

Legislation Needed

Much of the crypto ecosystem in Australia can’t be covered using existing legislation, said Joseph and the country needs either updating or adopting new laws in order for it “to grow and foster innovation.”

Most Crypto Friendly Jurisdictions

The most cryptocurrency friendly jurisdictions include El Salvador, Hong Kong, Singapore, Portugal, Estonia and Switzerland.