Cryptocurrencies and digital assets are rapidly emerging industries and will be a big part of our future economy.
Mawson has commissioned EY to conduct analysis of the industry, which I am pleased to launch today in Sydney.
The report, which covers the potential for growth over the next decade, finds Australia is in a prime position to benefit greatly from our world leading crypto reform.
Australia’s new crypto plan could boost the sector’s national economic footprint 30-fold over the next decade.
According to EY, by 2030, cryptocurrencies and related digital assets could generate $68.4b and employ 205,700 people, 17 times the current crypto workforce.
This year I chaired the Senate Select Committee on Australia as a Technology and Financial Centre. In October the Select Committee handed down its Final Report.
Last week Treasurer Josh Frydenberg announced the government’s support of this plan with the largest shake up of payments in 25 years. Australia will be a world leader thanks to the Treasurer’s plan.
The policies we recommended are a product of that process. These include:
· A market licensing regime for digital currency exchanges.
· A custody regime, with minimum standards, for digital assets.
· A mapping exercise for digital tokens.
· Rationalising the application of Capital Gains Tax.
· Recognising Decentralised Autonomous Organisations in the Corporations Act.
The research which was released today underlines the opportunity presented by our world leading reforms. There is no time to waste.
Charlotte Mortlock 0401 392 624