A leading blockchain industry body in Australia says the country’s current regulatory framework for crypto falls short, particularly when it comes to derivatives trading.
Blockchain Australia (BA) has written to the country’s Senate Select Committee on Australia as a Technology and Financial Centre, making three primary recommendations, according to a paper released on Friday.
Its recommendations are in response to the committee’s request for submissions from industry participants on how to improve Australia’s standing as a “technology and financial” hub. The industry body is calling for a “coordinated and graduated approach” to the regulation of digital assets.
BA’s recommendations include implementing immediate safe harbor provisions for crypto providers, greater regulatory guidance, and engagement in the short-term while in the long-term overseeing the establishment of a “fit-for-purpose legislative framework.”
“A staged fit-for-purpose approach, as recommended in the submission, requires consultative and considered commitment of resources,” BA CEO Steve Vallas told CoinDesk via Telegram. “The submission details the accelerating pace of development across the world. The opportunity for Australia to lead a regulatory discussion will pass.”
