Blockchain Australia wants flexibility from regulators to help crypto industry innovate

Peak blockchain industry body, Blockchain Australia, has suggested crypto asset regulations in the country need updating with a “fit-for-purpose” approach to help foster growth and innovation, as well as provide greater protection for consumers.

According to a paper released on its website on Friday, the peak body has written to the Senate Select Committee on Australia as a Technology and Financial Centre, calling for a “graduated and coordinated” approach to the regulation of digital assets.

This comes on the back of encouraging activity from the Senate committee, which has been calling for submissions from industry players on how to improve Australia’s standing as a “technology and financial” hub.

Blockchain Australia has made four core recommendations in detail to the committee, but here is an overview of what they’d like to see:

• Building on and strengthening consumer protections.
• Facilitating consultative cooperation between industry and government.
• Providing a safe harbour to create short-term certainty for businesses.
• Proposing a best practice financial advice approach modelled on the existing AFSL (Australian Financial Services Licence) regime.

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Source: Blockchain Australia wants flexibility from regulators to help crypto industry innovate – Stockhead