Australia’s government announced today in a paper released by a Senate committee that it is seeking help to establish a regulatory framework for cryptocurrencies.
Fast Facts:
- The Senate Select Committee on Australia as a Technology and Financial Centre released a report today requesting submissions for “the development of a comprehensive regulatory framework for cryptocurrency and digital assets.” Its paper says: “Existing regulatory schemes, especially those in comparable jurisdictions, will be examined,” and names the European Union, the United Kingdom, Singapore and Canada as jurisdictions of particular interest.
- Citing concerns about “debanking,” neobanking and offshore banking, the committee says it wants to know “what type of policy provision and legal certainty is needed to drive private investment into Australian digital assets rather than the investment occurring offshore.”
- The report notes that a second interim report released April 28, which contained 23 recommendations to the Australian government, has been presented. The deadline for submissions regarding areas addressed by the new paper is June 30, 2021. Steve Vallas, CEO of Blockchain Australia, an industry body representing blockchain-related businesses in the country, said on Linkedin: “If you are part of the extended blockchain and cryptocurrency community please take the time to give this consideration.”