Ripple warns Treasury’s proposed crypto laws risk crushing startups — Capital Brief
Ripple’s global head of policy has urged Treasury to amend a section of its draft digital assets legislation, warning it may unintentionally cause emerging crypto companies to go bust.
The new framework does not allow crypto businesses enough time to apply for and obtain the newly required Australian Financial Services Licences (AFSLs), which Ripple’s Rahul Advani says can take more than 18 months to secure.
“There needs to be a clear, workable roadmap and a longer transition period to give businesses time to secure licenses, set up compliance processes and raise capital,” Advani said. “Without this, many businesses may be forced to shut down abruptly, disrupting the market.”
Last month, Treasury released an exposure draft of the…
