Loretta Joseph, chair of the Australian Digital Financial Standards Advisory Committee (ADFSAC), said the Australian government needs to speed up the development of crypto regulations or risk falling behind developing emerging markets.
Joseph said that the pace of development in Australia regarding crypto regulation is still too slow, and it really disturbs me when I see countries such as Bermuda, Mauritius and Nigeria developing faster than my own country. Much of Australia's crypto ecosystem cannot be covered using existing legislation, and the country needs to consider updating or adopting new laws to grow and foster innovation. There is a need to bring together industry, academia, policymakers and governments to discuss this, and think tanks are very important for the discussion dialogue. Australia should align itself with the global standard setters of international financial regulators such as the International Organization of Securities Commissions (IOSCO), the Financial Action Task Force (FATF) and the Financial Stability Board
Joseph said that the pace of development in Australia regarding crypto regulation is still too slow, and it really disturbs me when I see countries such as Bermuda, Mauritius and Nigeria developing faster than my own country. Much of Australia's crypto ecosystem cannot be covered using existing legislation, and the country needs to consider updating or adopting new laws to grow and foster innovation. There is a need to bring together industry, academia, policymakers and governments to discuss this, and think tanks are very important for the discussion dialogue. Australia should align itself with the global standard setters of international financial regulators such as the International Organization of Securities Commissions (IOSCO), the Financial Action Task Force (FATF) and the Financial Stability Board