Australia calls for 'safe haven' for cryptocurrencies

Australia 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."

Related Posts

Suspected masterminds of $62m cryptocurrency laundering scheme detained in Australia

Centre consortium launches USDC stablcoin on Hedera Hashgraph blockchain

Morgan Stanley chief says clients have little interest in bitcoin

Vatican criticises role of cryptocurrencies in illegal migration