Coinbase Chief Policy Officer Faryar Shirazad has noted the importance of regulatory clarity in Australia to position itself as a major web3 hub.
Shirazad made the call to lawmakers at a Senate hearing on July 25 as they debated a crypto bill drafted to regulate different spheres of the market in Australia along the lines of the Markets In Crypto Assets Regulation () in Europe.
According to the CTO, the faster Australia acts, the sooner Coinbase can set up more products and infrastructure tailored to the Australian market.
“In terms of time frames, you might find it interesting that MiCA will go live probably no later than early 2025. That’s at the outer end. The UK is accelerating its consultation to try to get in front of that timing. So when you’re looking at large global markets in crypto, it does provide a date at which others are trying to organize around.”
As the markets head towards defined regulations, industry executives have led the course push for clear-cut rules as they battle lawsuits from regulators including the Securities and Exchange Commission (SEC).
This year, the SEC has renewed its tight regulatory onslaught in the market filing cases against companies including Binance and Coinbase.
The Commission against Coinbase and Binance for offering service to what it terms unregistered securities as well as improper registration, allegations which both exchanges have denied with expressed plans to “fight vigorously” against the SEC.
Digital Asset (Market Regulation) Bill to the rescue
The Digital Asset (Market Regulation) Bill 2023 introduced by Senator Andrew Bragg is what the country needs to define key terms and issues around the market.
In recent months, there has been increased traction from crypto firms in Australia as well as regulatory scrutiny.
From today’s hearing Australia trails other like Europe and Hong Kong which have rolled out specific regulations and licensing regimes.
Similar to Shirazad, Jonathan Miller, the head of Kraken Australia stated that banking in crypto is difficult to manage with market uncertainties. While expressing Kraken’s commitment to Australia he added that “We have been here for many years. But it is tricky to make decisions when you don’t have a clear view.”
While the bill’s progress has been slow, Senator Bragg stated in March that the country must get back into the race and users must be protected.
“The Digital Assets Bill will put Australia back into the race to regulate. Australia can be a digital asset hub while protecting digital asset consumers. But we must act now.”