According to Cointelegraph, Loretta Joseph, chairperson of Australia's newly established policy body, the Australian Digital Financial Standards Advisory Committee (ADFSAC), said that the Australian government needs to speed up the pace of formulating crypto regulations, otherwise it risks falling behind developing emerging markets.
Joseph said: "The pace of development of crypto regulation in Australia is still too slow, and it really disturbs me when I see countries such as Bermuda, Mauritius and Nigeria developing faster than my own country. Much of Australia's crypto ecosystem cannot be covered using existing legislation, and the country needs to consider updating or adopting new laws to develop and promote innovation. It is necessary to bring industry, academia, policymakers and government together to discuss this, and think tanks are very important for discussion and dialogue. Australia should align with global standard setters for international financial regulators such as the International Organization of Securities Commissions (IOSCO), the Financial Action Task Force (FATF) and the Financial Stability Board."
