Faryar Shirzad, Coinbase’s Chief Policy Officer, has made a compelling case for Australia to expedite the implementation of detailed cryptocurrency regulations in order to keep pace with the rapidly evolving global market.
Appreciated the chance to participate in this inquiry on behalf of @coinbase. @ajamesbragg and his Senate colleagues, along with the Australian Government, are to be commended for inviting public input and moving the process of legislation forward. https://t.co/1kPTir7N7Q
— Faryar Shirzad (@faryarshirzad) July 25, 2023
Speaking during a video conference call at a public hearing of the Australian Senate Economics Legislation Committee on July 25, 2023, Shirzad warned that competing countries have already set deadlines for implementing cryptocurrency regulations, and Australia’s failure to act swiftly could lead to a significant competitive disadvantage.
He pointed out the Markets in Crypto-Assets Regulation (MiCA), expected to be effective no later than the beginning of 2025, with the UK fast-tracking its consultation process to meet the deadline. Shirzad noted that establishing a specific implementation date for major global crypto markets sets a benchmark for others to follow.
The focus of the hearing was the Digital Assets (Market Regulation) Bill 2023, which Senator Andrew Bragg introduced in March 2023. The Digital Assets Bill aims to establish clear custody rules and introduce licensing requirements for cryptocurrency exchanges.
Senator Bragg had previously stated that the Digital Assets Bill would position Australia on the winning side in the crypto regulation arms race. According to the Senator, the bill would enable the promotion of digital assets while ensuring the protection of users involved with such assets.
Earlier in February 2023, the Australian Treasury released a consultation document outlining potential cryptocurrency legislation, aiming to incorporate existing financial structures to regulate the industry within the country.
Coinbase began offering its services in Australia in 2016 as part of its core mission to create a global open financial system that enables easy purchase and sale of digital currencies for anyone, regardless of their location.
The call for expedited regulations reflects the growing recognition of the importance of the digital asset market on a global scale. Australia’s response to these developments will shape its position in the fast-changing financial landscape, impacting its economy and technological innovation in the long term.
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