The Australian Labor Party has announced that it will create a cryptocurrency framework to address the issue of debanking

Australia's ruling Labor Party has proposed a new legal framework for the cryptocurrency industry, which will make changes to the existing financial services law, aimed at addressing the problem of debanking the country's cryptocurrency industry. Edward Carroll, an executive at Australian crypto platform MHC Digital Group, said that while the decision to debank crypto was not the result of regulatory directives, the current lack of a clear regulatory framework appears to have become a more general sense of risk aversion. The market is optimistic about the positive stance of the Australian Labor Party, hoping to give banks the confidence to re-engage with crypto businesses that meet compliance standards.