Blockchain Australia Wants ‘Safe Harbour’ for Crypto Businesses Amid Regulatory Uncertainty

July 28, 2021, 9:45 AM AEST - 1 month ago

In yet another petition to bring clarity to the regulatory framework for cryptocurrencies in the country, Blockchain Australia and industry-related partners have issued a set of regulation recommendations to the federal government.

The file of recommendations was submitted to the Senate Select Committee on Australia as a Technology and Financial Centre on July 23, with three primary points in response to the committee’s request for submissions on how to take the country forward as a technology and financial leader.

What Are the Recommendations?

The paper prompts the federal government to implement a “coordinated and graduated approach”, considering:

  • implementing immediate safe harbour provisions for crypto providers
  • greater regulatory guidance and engagement in the short-term
  • a long-term, fit-for-purpose legislative framework

The government and relevant regulators should provide crypto asset providers a safe harbour until such time that they introduce guidance or legislation. Any legislation should contain an appropriate transition period and not apply retrospectively.

Blockchain Australia submission to Senate Select Committee

The organisation emphasised its interest in cooperating with various Australian regulatory bodies, including ASIC, the Reserve Bank of Australia and the Australian Taxation Office.

Improving the Fintech and Blockchain Industry in Australia

Blockchain Australia has been a cheerleader for the blockchain community in the country, calling for support for all crypto users and companies affected by the country’s lack of regulatory clarity.

In February, the organisation, together with RMIT, sought more government support for the blockchain and crypto community, stating that while local authorities have taken great steps to improve the sector in Australia, it was falling short compared to other countries.

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