PANews reported on May 5 that after the Australian Labor Party won re-election in the May 3 elections, several representatives from the country's cryptocurrency industry publicly called for the new government to prioritize the formulation of laws related to digital assets during its term and to implement them as soon as possible.
Industry insiders from companies such as Binance, Coinbase, and BTC Markets pointed out that Australia has relatively fallen behind the UK, the US (which is advancing stablecoin legislation), and the EU, which has implemented MiCA regulations, in terms of cryptocurrency regulation. They emphasized that in order to avoid the continuous outflow of talent and capital to markets with clearer regulations and to provide certainty for the healthy development of the industry, the Australian government urgently needs to accelerate the legislative pace.
Although the Australian Treasury has indicated plans to release relevant legislative drafts for public consultation within this year and is inclined to use the existing Australian Financial Services License (AFSL) framework to regulate digital asset platforms and payment-based stablecoins, the industry remains concerned about the specific timeline and generally believes that after a long period of discussion and preparation, now is a critical time for decisive action. At the same time, the industry also recognizes the government's recent demonstration of a more proactive and pragmatic regulatory approach formed after learning from international experiences and communicating with the industry.
