Australia is not keeping up with cryptocurrency developments as quickly as Bermuda and Nigeria are, and soon Australia will “need to be up to speed,” according to Loretta Joseph.
The necessity for the Australian government to expedite the establishment of crypto regulation has been stressed by Loretta Joseph, chair of the Australian Digital Financial Standards Advisory Council (ADFSAC). If the nation doesn’t take immediate action in this regard, she cautions, it runs the risk of falling behind other developing markets.
A recently established policy institute inside the ADC Forum, the ADFSAC, strives to offer direction and suggestions on digital financial standards. Joseph expressed concerns about Australia’s sluggish regulatory growth, noting the possible repercussions of falling behind other nations.
Australia’s Treasury held discussions earlier this year for its “token mapping” effort, which was designed to categorize various kinds of crypto assets. Midway through 2023, a document consulting on a potential licensing system is anticipated to be published, and roundtables on crypto licenses are planned for the third quarter. A private bill that aims to speed up cryptocurrency regulation is also present.
Joseph cautions that the rate of regulatory change in Australia at the moment is insufficient despite these efforts. In contrast to nations like Bermuda, Mauritius, and Nigeria, who have moved more quickly to regulate cryptocurrencies and decentralized technology to improve people’s lives worldwide, she voiced dismay with Australia’s development.
According to Joseph, Australia’s current legal framework falls short in many ways when it comes to the crypto economy. She thinks that in order to promote innovation and assist the expansion of the business, the nation needs to think about revising or enacting new legislation.
Joseph believes that Australia should join international groups that create standards for the world, such as the Financial Action Task Force, the Financial Stability Board, and the International Organization of Securities Commissions. According to her, the G7 and G20 forums will soon enact crypto legislation, making it essential for businesses to adhere to global norms.
In light of tightening global regulatory frameworks, Joseph underlines that businesses seeking jurisdictions with less regulatory barriers may not thrive in the future. She thus exhorts the Australian government to take prompt action and harmonize its legislation with international norms to ensure that the nation maintains its competitiveness in the rapidly changing crypto landscape.
For encouraging innovation, luring investors, and elevating the nation as a leader in the digital asset field, Australia must adopt comprehensive and progressive crypto rules. Australia can assist crypto firms while successfully addressing possible dangers and maintaining consumer safety by keeping up with international norms.