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Blockchain Australia calls the state for crypto safe harbor

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Blockchain Australia, a significant affiliation representing the native cryptocurrency trade, has formally launched its crypto regulation suggestions to the federal authorities.

The affiliation filed a submission to the Senate Select Committee on Australia as a Technology and Financial Centre final Friday, calling the authorities to offer a safe harbor for native crypto service suppliers.

Pointing out a set of regulatory suggestions, Blockchain Australia pressured the want for a coordinated and graduated method to undertake a “fit-for-purpose regulatory framework,” guaranteeing innovation and competitors in the nation whereas enhancing shopper outcomes. 

The crypto advocates emphasised that native trade “cannot afford to wait years for regulatory clarity,” and native shoppers require confidence to entry regulated crypto companies in the nation, stating:

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

As a part of the suggestions, Blockchain Australia advisable establishing a regulatory working group that works throughout industries to facilitate better communication between the crypto trade and monetary authorities. “The first exercise to be undertaken by the group should be a token mapping exercise, examining the work done in overseas jurisdictions,” the affiliation famous.

Related: Senator warns lack of regulations could harm Australian crypto innovation

The group pointed to cooperation with many Australian authorities, together with the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulation Authority, the Reserve Bank of Australia, the Australian Competition and Consumer Commission and the Australian Taxation Office. Blockchain Australia particularly requested ASIC to replace the native custodial service regulation referred to as RG133 to explicitly state that licensed custody suppliers can present crypto asset custodial companies.

The information comes after native monetary gamers expressed extra considerations over the cryptocurrency trade in Australia. In mid-July, the Australia Securities Exchange filed a submission to the Senate Select Committee on Financial Regulatory Technology warning on safety dangers of crypto custody on centralized crypto exchanges.