While Anthony Albanese was in New York to address the United Nations, his government back in Australia was giving the cryptocurrency industry reason to breathe a massive sigh of relief.
As first reported by Capital Brief, Treasury has released a draft of its digital assets legislation — something the sector has pushed for over the past decade.
“We’ve heard that what you need is clarity in order to innovate,” Assistant Treasurer Daniel Mulino told a regulatory summit today. “We’ve heard that broad financial product definitions have left many digital asset businesses unsure about how to operate under Australian law.”
The case made by crypto proponents, as Mulino’s understated remarks suggest, is that financial institutions won't invest in blockchain technology without clear rules of engagement.
