Industry calls for urgent crypto law reforms after Australian election
The Australian crypto industry has called on the newly reelected Labor government to urgently make digital asset legislation a top priority to ensure Australia doesn’t fall further behind global markets.
The incumbent Australian Labor Party was returned in a landslide on May 3, picking up 54.9% of the two-party-preferred vote, against the Liberal and National Parties on 45.1%. Both parties went to the election promising crypto law reform, but only the opposition pledged to deliver draft legislation within 100 days.
Joy Lam, Binance’s head of global regulatory and APAC legal, said the exchange has been consulting with Treasury officials since late 2023 about its proposed legislation, and it was now time for action.
“Timing is really…
