Australia faces big choices on crypto regulation
The Select Committee on Australia as a Technology and Financial Centre has launched a new round of consultation to review the federal policy framework around cryptocurrency and blockchain technology in Australia.
This provides an epic opportunity for Australia to lead the way on the next wave of digital innovation globally. A policy approach that allows for more clarity and flexibility for cryptocurrency business models will help to deliver economic growth not seen here since the rising commodity prices of the mid-2000s. However, with a heavy-handed, old-fashioned approach, the Australian economy could find itself lagging behind other nations willing to take a risk on decentralized technology.
Get it completely wrong, and Australia risks losing our most talented engineers and business leaders, who may exit the country to build the future of finance in overseas markets that better embody innovation.
The good news is the review is being chaired by Sen. Andrew Bragg (pictured), a forward-thinking Liberal party member who has his finger on the pulse of fintech developments globally. He has been a key advocate for the new Consumer Data Right (CDR) regime, which is a major policy intervention that introduced a data-sharing framework for Australian consumers.
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Source: Australia Faces Big Choices on Crypto Regulation