Labor Locks Australia into the Crypto Slow Lane

Labor’s statement on crypto today concedes there will be no crypto laws in the life of this Parliament.

The Coalition announced this policy almost two years ago. Rather than implementing the policy, the Government has been goofing around, and solely prioritising the laundry list of reforms sought by unions and super funds.

The Proposal Paper recognises the need for crypto regulation to protect consumers. But Labor has locked Australia into the slow lane on crypto reform.

There is a Bill in the Parliament today that would do virtually everything the Government now says is important.

If Labor was serious about protecting consumers, they would have continued the regulatory process commenced by the former Liberal Government in 2021. Instead, Labor’s Assistant Treasurer, Stephen Jones, abandoned this regulatory process.

After 18 months in the job, Minister Jones hasn’t even developed a draft bill. Instead, he is re-releasing a consultation paper that was first released on 21 March 2022.

The 2022 paper, ‘ Crypto asset secondary service providers: Licensing and custody requirements ’ is effectively a rehash of what we have seen today.

The Proposal Paper released today is just that, a Proposal Paper. Crypto consumers will continue to be exposed to an unregulated market until these proposals become law.

Until then, Labor and Minister Jones are exposing Australians to an unregulated market.