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Australia “Now A World Leader In Cryptocurrency”

The Morrison government has stated that cryptocurrency will be a “top priority” ahead of the May election, after a new consultation paper released by Treasurer Frydenberg notes more than 800,000 Aussies have dabbled in the world of digital assets.

The paper seeks feedback on digital asset regulation, and was released in concert with the Blockchain Week conference taking part in Sydney.

Minister for the Digital Economy Jane Hume told the conference that crypto would be ‘‘top priority in the Coalition’s next term of government’’, with an “Australian-made badge of approval” to be issued in order to protect consumers.

“Crypto values will go up and down sure as eggs and the government will not be protecting consumers from market volatility, and nor should they,” she said.

“But Australian investors will be sure that if they use a licenced Australian exchange that they can trust that exchange will deliver on its commitments to customers and have appropriate protections.”

Liberal senator Andrew Bragg, who heads up the government’s crypto regulation efforts, told the conference that “we don’t live in a libertarian nirvana” and these safeguards are essential, and push our country forward.

“This is a huge down payment from the Treasurer on Australia’s digital future,“ Senator Bragg said.

“Australia is now a world leader in cryptocurrency and we are breaking new ground.”

Submissions to Treasury’s inquiry into crypto providers close on May 27.

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