The Australian cryptocurrency industry has called on the new government to prioritize digital asset legislation

According to Cointelegraph, the Australian cryptocurrency industry has called on the newly elected Labor government to prioritize digital asset legislation to ensure that Australia does not fall further behind in the global market.
Joy Lam, head of global regulatory and Asia Pacific legal at Binance, said the exchange has been consulting with Treasury officials on legislative proposals since late 2023, and now is the time to act. John O'Loghlen, managing director of Coinbase Asia Pacific, called for the establishment of a cryptoasset task force within 100 days of the government taking office.
The Treasury said it will release an exposure draft this year and any legislative changes will be implemented in stages to minimise disruption to existing businesses. The bill will focus on digital asset platform regulation and modernising payment systems, and will use the existing Australian Financial Services License (AFSL) regime as a regulatory basis.