During a video conference call at a public hearing of the Australian Senate Economics Legislation Committee, Shirzad highlighted that other competing jurisdictions have already set clear timelines for regulation, making it crucial for Australia to act swiftly to remain competitive globally.
He pointed out that the Markets in Crypto-Assets Regulation (MiCA) in Europe is expected to go live by early 2025, with the UK accelerating its consultation to stay ahead. Hong Kong’s quick actions in the crypto industry were also cited as an example of how markets rush to be competitive in the race.
Australia’s efforts include the introduction of the Digital Assets [Market Regulation] Bill 2023 by Senator Andrew Bragg, which aims to establish licensing regulations for cryptocurrency exchanges and clarify custody requirements.
Nghi Luu, an assistant secretary at Australia’s Treasury department, revealed that a consultation paper on licensing and custody requirements for crypto asset service providers is set to be released in the coming weeks.
In contrast to these developments, the National Australia Bank’s decision to block certain crypto exchanges is noteworthy. The bank justified its move by citing a survey where 40% of Australians preferred slower payments in exchange for better protection against scammers. This stance has added to the confusion surrounding Australia’s overall position on cryptocurrencies.
