Crypto industry urges Labor to stay the course on sweeping reforms

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Earlier this year, Labor’s financial services spokesman Stephen Jones said the party would consider crypto regulation as part of a broader overhaul of the digital payments system, which would include digital wallets such as Google and Apple Pay. Jones also said the government could look into regulating crypto under financial services regulation.

Adrian Przelozny, chief executive of crypto exchange Independent Reserve, noted that crypto reform was unlikely to be the first thing on the agenda for Labor, but was hopeful the momentum gathered by the Bragg reforms wouldn’t drop off with a change in government.

“There’s a consultation paper out right now which outlines proposed regulation, so we hope the government takes that on board, and we hope they don’t try to mess with all the work that’s already happened in consultation with the industry,” he said.

“We need to have regulation in the cryptocurrency space in Australia, I think it’s a very important thing for the nation.”

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