Australia’s crypto industry supports draft legislation but seeks further clarity from the government. The proposed law would create new financial products, requiring licenses and registration with ASIC. Swyftx and CloudTech Group highlight the need for simplification and more guidance on licensing and custody standards. Legislation is expected to be finalized by early 2026.

Swyftx raises concerns about the draft laws lacking clarity on sourcing liquidity from offshore exchanges and restricting licensed financial advisers. CEO Jason Titman emphasizes the need for consumer protection and a level playing field for the local industry. The legislation should address contradictions and articulate consumer benefits to be effective.

Crypto.com anticipates the legislation to be introduced by March, with bipartisan support. However, Edward Carroll from MHC Digital Group suggests the process may extend beyond 2026. The industry urges the government to finalize regulations promptly to provide certainty for businesses and encourage innovation.

Read more at Cointelegraph: Australia Crypto Scene Says Draft Crypto Laws Need More Work