Coinbase Executive Tasks Australian Regulators To Speed Up Legislations To Remain Competitive
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 (MICA) 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 filed charges 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.
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 tighter
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