Australia calls for 'safe haven' for cryptocurrencies
Australia's cryptocurrency industry "cannot afford to wait years for regulatory clarity" and consumers need certainty to access digital asset-related services. The local blockchain association said in a statement.
The recommendations were in response to a request from the authorities on how to improve Australia's position as a "technology and financial" hub. Industry participants called for a coordinated and phased approach to establishing an appropriate regulatory framework.
"The government and regulators should provide a safe harbour for crypto-asset providers until recommendations or legislation is in place," the statement said.
Representatives of the association added that any regulatory requirements should include a transition period. They recommended that a working group be set up to ensure close communication between the industry and regulators.
Earlier, NSW senator Andrew Bragg called for a "proper" regulatory framework to maintain the country's competitive advantage and protect consumers.
According to a survey by bitcoin exchange Kraken, one in five Australians thought investing in bitcoin was better value than traditional savings. A different view was expressed by billionaire Hamish Douglas - he called digital assets one of the "greatest mass misconceptions in modern history".
Recall that in June, ASIC saw exchange-traded funds based on the first cryptocurrency as a threat to consumers and markets.
How Cardano can help to manage value. In a recent interview with Real Vision Finance, Hoskinson says Cardano is, "A collection of protocols and technology that allows you to transform, store, and manage value, identity, and governance."