The Australian cryptocurrency industry calls on the new government to prioritize digital asset legislation

ChainCatcher news, according to Cointelegraph, the Australian cryptocurrency industry is urging the newly elected Labor government to prioritize digital asset legislation to ensure that Australia does not fall further behind in the global market.

Joy Lam, Global Head of Regulatory and Legal Affairs for Binance Asia Pacific, stated that the exchange has been consulting with Treasury officials on legislative proposals since the end of 2023, and now is the time to take action. John O'Loghlen, Managing Director for Coinbase Asia Pacific, called for the establishment of a cryptocurrency asset working group within the first 100 days of the government's term.

The Treasury stated that it will release a consultation paper this year, and any legislative reforms will be implemented in phases to minimize disruption to existing businesses. The legislation will focus on the regulation of digital asset platforms and the modernization of payment systems, using the existing Australian Financial Services License (AFSL) framework as a regulatory basis.