Published on July 25, 2023 09:35 GMT+00:00edited on July 25, 2023 09:39 GMT+00:00

Australia needs to speed up putting in place more precise cryptocurrency regulation if it intends to keep up with a global race, Coinbase’s executive said today at an Australian Senate hearing.

Faryar Shirzad, chief policy officer of crypto exchange Coinbase, said that Australia must quickly introduce a crypto-related regulatory framework or legislation — as other competing jurisdictions have set clear time frames for regulation.

“In terms of time frames, you might find it interesting that MiCA will go live probably no later than early 2025. That's at the outer end. The UK is accelerating its consultation to try to get in front of that timing. So when you're looking at large global markets in crypto, it does provide a date at which others are trying to organize around,” Shirzad said via …