STATEMENT - JONES’ CRYPTO SLOW LANE

Financial Services Minister, Stephen Jones, and the Labor Government have guaranteed Australia will lose the great race for crypto regulation.

The government for vested interests has again adopted the wrong priorities. Instead of delivering on  the Liberal commitment to regulate the crypto gatekeepers, Mr Jones is playing tiddlywinks with tokens.

The Government’s new pamphlet fails to propose an urgently needed licensing framework for crypto gatekeepers.

This is needed to protect consumers and promote investment.

Mr Jones should be releasing a Draft Bill on the back of the March 2022 Treasury consultation on crypto markets. Instead he is starting again, and is putting Australia in the slow lane.

In the absence of Government legislation, non-government parties will be forced to keep Australia in the race.