Crypto Regulation: Australia Urged to Move Faster to Protect Investors

• Australia is taking steps towards regulating cryptocurrencies, but the process is slow.
• In 2022, the government outlined plans to protect crypto investors with token mapping.
• Senator Andrew Bragg has proposed a crypto regulation bill in March 2023.

Increased Crypto Popularity in Australia

Trading in cryptocurrencies has become increasingly popular in Australia, as the current digital revolution across the country continues to boom. This has led consumer groups and investors to call for increased regulation and protection of crypto investors.

Treasury Timetable for Crypto Regulation

Midway through 2022, the Australian government outlined plans to protect crypto investors from themselves with token mapping – the first step towards new regulation of cryptocurrencies in the country. Treasury documents revealed a timetable for consulting crypto firms in Australia, working towards new regulation, however this process is expected to stretch well into 2024.

Crypto Regulation Bill Proposed by Senator Andrew Bragg

Senator Andrew Bragg from New South Wales has proposed a crypto regulation bill in March 2023 with an extensive background in financial services as a trained accountant and prior experience at Ernst & Young. He aims to ensure customers engaging with cryptocurrency are adequately informed and protected through his proposed legislation.

Government Acknowledgement of Need For Greater Protection

The government acknowledges the need for greater protections for crypto investors and consumers due to its widespread proliferation; however it may not have solutions in place until 2024. The Treasurer of Australia James Chalmers declared that “we need to make sure customers engaging with crypto are adequately informed and protected” while getting „the balance right so we can embrace new and innovative technologies while safeguarding consumers“.

Frustration Among Legislators Over Slow Process

The slow progress on establishing licensing and regulatory frameworks have caused frustration among legislators including Senator Andrew Bragg who represents New South Wales as they believe it will take too long before solutions are put into place by 2024 Midway through 2022.

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