Calls for crypto businesses to ‘be put on par’ with financial services institutions

By Neil Griffiths
 — 1 minute read

A crypto platform has called for businesses within the space “to be put on par” with other financial services institutions for banking services.

As part of a working group with Blockchain Australia, Luno has submitted its recommendations to the Senate select committee on Australia as a technology and financial centre, which pushes for a “fit-for-purpose” regulatory framework that promotes a fair crypto market in the country.

The Senate recommendations call to:

  • Build on and strengthen consumer protections.
  • Facilitate consultative cooperation between industry and government.
  • Provide a safe harbour to create short-term certainty for businesses.
  • Proposes a best practice financial advice approach modelled on the existing AFSL regime.

“Other countries have recognised the opportunity presented by these technologies and are working to ensure that government policies can support their growth,” Blockchain Australia chief executive, Steve Vallas, wrote in its submission.

“They have actively engaged with the sector and have implemented policy settings that encourage investment and innovation. We can take the benefit of the learnings of others in forging a uniquely Australian path through what is viewed internationally as a sound, mature regulatory framework.”

He concluded: “It is not too late for Australia to seize the unique opportunity presented to us, to become a global leader in blockchain innovation.”


Calls for crypto businesses to ‘be put on par’ with financial services institutions
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