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Categories: Crypto News US
Members of Australia’s cryptocurrency and Web3 industry have urged the incoming Labor government to stay the course on crypto regulation, warning the country can’t be allowed to fall behind on key reforms for the sector.On Monday, Labor leader Anthony Albanese was sworn in as the country’s 31st prime minister after Saturday’s election which delivered a thumping defeat for the incumbent Liberal party and a surge in votes for minor parties and independents. However, the Liberal party - led by senator Andrew Bragg - had been proactive in drafting and implementing new crypto-favourable regulations. Though Labor had supported the draft regulations, it was criticised by some in the industry for not having any crypto-related policies.Despite this, major players in the industry were still confident of Labor implementing new regulations in the coming months. Steve Vallas, the head of peak industry body Blockchain Australia, told The Age and The Sydney Morning Herald he didn’t expect significant changes under new leadership. Caroline Bowler, the chief executive of Australian cryptocurrency exchange BTCMarkets, said one of Labor’s tasks while in office for the next three years will be to legislate crypto regulation, something she expects will happen in the first 12 to 18 months of the government’s term.“Australia relies on financial services for approx a quarter of our GDP, and crypto will increasingly be a part of that. We can’t allow a significant part of our economy to fall behind our international peers,” she said.“The industry is ready to work with the incoming government. We share their desire for investor protections while not smothering innovation in this progressive sector.”