{"id":52919,"date":"2025-10-27T13:38:34","date_gmt":"2025-10-27T06:38:34","guid":{"rendered":"https:\/\/hbbgroup.net\/australian-crypto-firms-back-draft-laws-but-critical-questions-remain\/"},"modified":"2025-10-27T13:38:34","modified_gmt":"2025-10-27T06:38:34","slug":"australian-crypto-firms-back-draft-laws-but-critical-questions-remain","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/australian-crypto-firms-back-draft-laws-but-critical-questions-remain\/","title":{"rendered":"Australian crypto firms back draft laws, but \u2018critical questions\u2019 remain"},"content":{"rendered":"
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Australia\u2019s crypto industry has largely backed the government\u2019s draft crypto legislation released last month, but has still responded to a Treasury consultation with demands for further clarity.<\/p>\n

\u201cThe draft legislation, as it stands, leaves some critical questions unanswered,\u201d Caroline Bowler, the former CEO of crypto exchange BTC Markets, said in a statement.<\/p>\n

\u201cWe support the government\u2019s intent to bring structure to the digital asset sector. But structure must come with clarity.\u201d<\/p><\/blockquote>\n

On Friday, the Treasury concluded a consultation that began in late September on draft rules extending finance sector laws<\/a> to crypto exchanges.<\/p>\n

Assistant Treasurer Daniel Mulino addressed a crypto conference virtually last month to introduce the government\u2019s consultation. Source: Digital Economy Council of Australia<\/em><\/figcaption><\/figure>\n

The draft law would create two new financial products<\/a> under the Corporations Act: a \u201cdigital asset platform\u201d and a \u201ctokenized custody platform,\u201d both of which would require an Australian Financial Services License and registration with the Australian Securities and Investments Commission (ASIC).<\/p>\n

Draft law needs more work: Swyftx\u00a0<\/h2>\n

In its submission to the Treasury\u2019s consultation, crypto exchange Swyftx said the draft law needs \u201csimplifying and clarifying,\u201d especially with the powers it gives the government<\/a> and how exchanges can operate.<\/p>\n

The company told the Treasury that the draft law would allow \u201ca high degree of discretion\u201d by the Treasury and let regulators \u201cimpose fundamental changes.\u201d<\/p>\n

Swyftx said the law should have a statement \u201cto guide future regulatory interpretation\u201d and clearly delineate the powers of the Treasury and ASIC to designate platforms and set minimum standards.<\/p>\n

Mandy Jiang, the executive director and financial chief at blockchain firm CloudTech Group, said the draft laws are a \u201csignificant step forward\u201d but delegate \u201cmany critical details,\u201d such as licensing and custody standards, to ASIC for future guidance.<\/p>\n

\u201cConsequently, whether this legislation achieves its stated objectives of fostering innovation and supporting sectoral growth and competition will largely depend on the timeliness and quality of ASIC\u2019s forthcoming guidance,\u201d she added.<\/p>\n

Crypto industry sees some gaps in draft laws<\/h2>\n

Swyftx added in its submission that the draft laws also don\u2019t give enough clarity on how Australian crypto platforms can legally source liquidity<\/a> from offshore exchanges, which it said was critical for \u201ca level playing field with international markets.\u201d<\/p>\n

The company was also concerned that the laws don\u2019t allow licensed financial advisers to advise on cryptocurrencies, only allowing them to advise on the regulated platforms offering crypto.<\/p>\n

Swyftx CEO Jason Titman told Cointelegraph that it supported the approach of regulating crypto under financial services law, but its \u201cmain concerns right now are to make sure Australian consumers are appropriately protected and that the local industry can compete on a level playing field.\u201d<\/p>\n