PANews reported on May 5 that according to Cointelegraph, after the Australian Labor Party won re-election in the general election on May 3, several representatives of the country's cryptocurrency industry publicly called on the new government to make the formulation of digital asset-related laws a priority during its term and implement them as soon as possible.
Industry insiders including those from Binance, Coinbase, BTC Markets and other companies pointed out that Australia has lagged behind the UK, the US (which is promoting the Stablecoin Act) and the EU, which has implemented the MiCA regulations, in terms of cryptocurrency regulation. They stressed that in order to avoid the continuous flow of talent and capital to markets with clearer regulation and to provide certainty for the healthy development of the industry, the Australian government urgently needs to speed up legislation.
Although the Australian Treasury Office has stated that it plans to release relevant draft legislation for public comment this year and prefers to use the existing Australian Financial Services License (AFSL) framework to regulate digital asset platforms and payment stablecoins, the industry still expressed concern about the specific timetable and generally believed that after a long period of discussion and preparation, now is a critical period for taking decisive action. At the same time, the industry also recognized the government's recent more proactive and pragmatic regulatory thinking after drawing on international experience and communicating with the industry.
