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Senator Andrew Bragg has promised policymakers will deliver for the crypto sector within six months. (Alex Ellinghausen, SMH)
Senator Andrew Bragg has acknowledged that the federal government has failed to keep up with the cryptocurrency sector but that the “key issue” will be delivered on within six months.
In a keynote address to Blockchain Week, the policymaker said it was essential so as not to lose jobs and talent to overseas competitors like Singapore.
Business Insider Australia spoke with some of the country’s exchanges on what the situation is like currently and what the future looks like for the industry.
Canberra admits it dropped the ball on crypto, promising to catch up with the sector within 6 months One exchange says it may be too late msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Coinbase spotlights Australiaâs blockchain brain drain
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Regulatory uncertainty about digital assets in Australia is forcing crypto entrepreneurs to depart for jurisdictions â such as Britain, Germany and Singapore â with more supportive policies on technologies that power bitcoin and other cryptocurrencies.
As Coinbaseâs blockbuster US listing draws global investor attention to bitcoin and the decentralised blockchain technology that facilitates it, crypto investors and advisers in Australia are warning of a blockchain brain drain and urging the government to plug it.
The Senate select committee on fintech is preparing to create a digital asset plan for Australia to tackle regulatory haziness and the lack of guidance from the Australian Securities and Investments Commission and Australian Taxation Office on how digital assets will be treated.
Regulator reveals light super enforcement
Regulator reveals light super enforcement
APRA has only filed an enforcement action against a super fund over a sole purpose test breach once in the last three decades, but it has rejected that there is an issue with its regulatory approach.
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Appearing before the Senate economics legislation committee, APRA deputy chair Helen Rowell said that the regulator needed to “look at issues on their merit” and that actual enforcement actions were rare.
“There is a historic action – and we’re going back quite some time – where we did take action against a small fund for, in essence, making an investment that was in breach of the sole-purpose test. That is the only case to date,” Ms Rowell said.