THE HON STEPHEN JONES MP
ASSISTANT TREASURER
MINISTER FOR FINANCIAL SERVICES
MEMBER FOR WHITLAM
MEDIA RELEASE
Assistant Treasurer, Minister for Financial Services and Member for Whitlam Stephen Jones has today met with local industry experts at the University of Wollongong to discuss the innovation taking place within the crypto and blockchain sector.
These technologies have the potential to radically change how business is conducted. This includes opportunities such as reducing fraud and errors in supply chain management, faster and cheaper financial transactions and increasing the security of data.
However, significant risks have unfolded in an unregulated market, with scams and market misconduct seeing Australians lose millions. Recognising this, the Albanese Government has proposed regulation for the crypto and digital platforms industry. This regulation seeks to reduce consumer harms, while providing certainty for innovators and investors.
The Government is seeking views from those both inside the sector, and those what engage and invest in it.
Consultation closes today. For more information, visit: https://treasury.gov.au/consultation/c2023-427004
Further consultation will take place next year on the draft legislation.
Quotes attributable to Member for Whitlam Stephen Jones:
“I’m looking forward to hearing about innovation from local experts involved in the crypto space. Good policy comes from listening - whether it’s with a large bank in Sydney, or a small fintech startup working out of a garage in Oak Flats.
“We’ve consulted widely to inform an appropriate regulatory model, and the proposed regulation of crypto is about striking the right balance between encouraging innovation, providing consumer protection and system stability.
“Collapses of crypto platforms, both locally and globally, have seen Australians lose their assets or be forced to wait their turn amongst long lines of creditors. Our proposed reforms seek to reduce the risk of these collapses happening by lifting the standard of the operation of platforms and increasing oversight.”
