6 March 2023
Clarifying the legal regime for crypto assets can make Australia a more attractive destination for legitimate innovation, investment and use of crypto assets and related technology. highlight the case for applying clear and consistent regulation to crypto assets to protect retail investors, apply oversight of financial services including advice, and maintain the transparency and integrity of financial markets. Specifically, ABA supports clarifying expectations and regulatory obligations in relation to scams, in line with the Government’s policy focus on scams prevention and response. This should include capability for ‘notify and take down’ and taking part in funds recovery.
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The Committee should recommend a policy and regulatory framework that manages risk and maximises opportunity, giving businesses the confidence to invest, innovate and deploy AI at scale for the benefit of customers, while preserving Australia’s capacity to use AI to protect and advance the national interest.
The Australian Banking Association (the ABA) welcomes the opportunity to comment on the Consultation Paper that will inform the direction and development of the Second Action Plan under Australia’s National Plan to End Violence against Women and Children 2022-2032 (the National Plan).
The ABA continues to support the intent of the CSLR as a last-resort scheme that compensates genuine victims where they have suffered actual financial loss as a result of financial misconduct that they have otherwise been unable to recover.