The race is now on globally for crypto regulation and Australia risks being left behind

By Caroline Bowler (pictured), CEO of BTC Markets

The European Union’s landmark deal on the Markets in Crypto-Assets (MiCA) regulatory framework is a significant milestone globally.

The European Union has developed a framework driven by consumer protection, but open to innovation. It recognises that crypto is in its infancy and isn’t going anywhere.

I expect that the UK will follow suit quickly, as will the US.

Australia must look at what’s emerged in Europe, what follows from other key markets and draw on these examples.

A lot of work has already been done here, but it’s important that Australia doesn’t fall behind or create a regulatory environment that cripples our future economy. If we put too many barriers in place for people to use crypto, we will lose any competitive advantage to the European models.

We have two years before the Europeans pull away.

There is already a proposal in front of the new Federal Government, which was developed by a bipartisan Senate Committee. They can draw on that proposal to build out their own framework. I appreciate that Australia faces ongoing challenges such as COVID and inflationary pressures, but these will pass.

This is about future proofing and ensuring we avoid creating another problem for ourselves down the line because we didn’t do anything when we had the chance.

We have the opportunity, but the time is now. The clock is ticking.