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Cryptogambling / Australia’s crypto laws lagging behind, says new think tank

Australia’s crypto laws lagging behind, says new think tank

Publish Date: 21/06/2023
Stock Photo, tags: crypto lagging - img.freepik.com

Stock Photo – img.freepik.com

The Australian government is at risk of lagging behind developing markets in regard to crypto regulation, said Loretta Joseph, leader of a new crypto think tank.

As chair of her newly formed institute, the Australian Digital Financial Standards Advisory Council (ADFSAC), Joseph cautioned the country’s lawmakers to speed up the process.

“[As of right now] we’re still trying to figure out how to do a token mapping exercise or write legislation around Bitcoin or Ethereum. We need to be up to speed,” Joseph said.

She emphasized the urgency of catching up to other nations such as Bermuda, Mauritius and Nigeria, who have made significant strides in regulating decentralized technologies for the betterment of people’s lives.

“When I go and I see countries that I work in like Bermuda, Mauritius and Nigeria move faster than my own country, that really upsets me,” Joseph said, highlighting the impact decentralized blockchain technology has on “bettering people’s lives globally.”

Joseph, who has been instrumental in crafting crypto policy and legislation since 2017, played a role in Bermuda’s establishment of laws for digital currency businesses.

She highlighted that as Bermuda has shown its support for a regulated crypto industry, the Nigerian and Mauritian governments have also been heavily involved in the policymaking for their local industries in recent years.

All hands on deck required

Recognizing the need for collaboration, she founded the ADFSAC, an institute aimed at bringing together industry experts, academia, policymakers and government representatives to facilitate comprehensive dialogue on crypto regulation.

“Everybody needs to be at the table at the same time, because if we’re not, we’re not going to get this right,” said Joseph.

It echoes the nonprofit company’s mission statement, which is to “foster open and collaborative discussions among thought leaders, policymakers, academics, and the crypto community to drive progress, and build strategic partnerships with academic institutions and think tanks to accelerate early-stage research and technical innovation.”

As Joseph believes that Australia’s current legislation falls short in covering the vast scope of the crypto ecosystem, she calls for a thorough review of laws to foster innovation, stressing the need to engage all stakeholders in policymaking to ensure a well-rounded approach.

In addition to policy formulation, the institute will prioritize educating stakeholders about cryptocurrencies. Joseph proposes hands-on experiences, allowing more informed discussions on concerns and reservations.

“Give me a phone. Let me download you a wallet. Let’s see how easy this is to use and then we’ll discuss why you don’t like it.”

Regarding the preferred policy direction for Australia, Joseph advocates alignment with global standard-setting organizations like the International Organization of Securities Commissions, the Financial Action Task Force and the Financial Stability Board. She believes that the G7 and G20 forums will soon enforce crypto regulations, making it imperative for companies to seek jurisdictions with clear legal frameworks to thrive in the future.

Joseph also warns that businesses seeking jurisdictions with minimal regulatory barriers will struggle to survive as global regulatory scrutiny intensifies. She emphasizes the necessity of establishing operations in jurisdictions that provide legal clarity, ensuring long-term stability for companies in the crypto industry.

“You want to go and set up in a jurisdiction that gives you legal clarity as a company,” she said.

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