Australia’s crypto laws risk being outpaced by emerging markets: Think tank

The Australian government needs to quicken its pace in developing crypto regulation or risk falling behind developing markets, according to the chair of a new crypto think tank.

Loretta Joseph, chair of the Australian Digital Financial Standards Advisory Council (ADFSAC) — the newly launched policy institute under the ADC Forum — warned Cointelegraph that the country risks falling behind others when it comes to developing regulations.

Earlier this year, Australia’s Treasury ran consultations for its “token mapping” exercise to help classify different crypto assets. A paper consulting on possible licensing framework is expected in mid-2023, while roundtables on crypto licenses are expected to take place in the third quarter.  There’s also a private bill to expedite crypto regulation.

Consultation open! Today we released the token mapping consultation paper. This consultation is part of a multi step reform agenda to develop an appropriate regulatory setting for the #crypto sector. Read paper & submit views @ https://t.co/4W2msjhP9B @ASIC_Connect @AUSTRAC pic.twitter.com/OGHuZEGvDp

— Australian Treasury (@Treasury_AU) February 2, 2023

However, Joseph warned that the pace of regulatory development in the country is still too slow.

“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 noting the impact decentralized technology has on “bettering people’s lives globally.”

Bermuda has signaled its support of a regulated crypto industry while Mauritius and Nigeria have been involved in regulating or policymaking for their local industries in more recent years.

“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.”

Much of the crypto ecosystem in Australia can’t be covered using existing legislation, said Joseph and the country needs to “have a think about” either updating or adopting new laws in order to “grow and foster innovation.”

The Most Crypto-Friendly Jurisdictions in 2023

1. El Salvador
2. Hongkong
3. Singapore
4. Portugal
5. Estonia
6. Switzerland
7. UAE
8. Malta
9. Luxemburg
10. Bermuda

However, most countries are still in the process of developing legislation to regulate the industry. #iweb3 pic.twitter.com/Ey3ZSj0zFy

— ram (@rrmadityapu) June 18, 2023

Joseph said she’s been involved writing crypto policy and legislation since around 2017, helping…