The Albanese government wants to foster thriving crypto-businesses in Australia despite plunging confidence following the collapse of the mega-exchange FTX.
“If the crypto ecosystem matures and develops, it could open significant new opportunities for businesses and consumers alike, creating jobs and fostering innovation,” the paper stated.“The crypto ecosystem also has the potential to help improve competition in the technology and other sectors, which would carry broader benefits for the Australian economy.
, commissioned by Nasdaq-listed bitcoin miner Mawson Infrastructure Group, projected the size of cryptocurrency-related economic activity in Australia to grow from $2.1 billion to $68.4 billion by 2030 and create about 200,000 jobs.as FTX and its founder, Sam Bankman-Fried – one of the world’s most high-profile advocates for cryptocurrency’s social and economic value – were accused of perpetuating a year-long fraud in which about 1 million people lost money.
Commenting on the consultation paper, Michael Bacina, chairman of industry body Blockchain Australia, said: “This is the first step in moving to bring in innovation and consumer supporting policy. There is a wealth of work already done in other jurisdictions ... If Australia wishes to compete ... to keep crypto jobs and growth here, we will need to be a ‘fast follower’.”This week, the British government promised tough crypto regulations to mitigate the risks of a “turbulent” industry.
Labor loves corporate fraud