Online reports, Cointelegraph reports that Australia's cryptocurrency industry has called on the newly elected Labor government to make digital asset legislation a priority to ensure that Australia does not fall further behind in the global market. Joy Lam, Binance's global director of regulatory and Asia-Pacific legal, said the exchange has been consulting with Treasury officials on legislative proposals since late 2023 and it is time to take action. John O'Loghlen, managing director of Coinbase Asia Pacific, called for the establishment of a crypto-asset working group within 100 days of the government taking office. The Ministry of Finance said it would issue a draft for comments this year and that any legislative reforms would be implemented in stages to minimize disruption to existing companies. The bill will focus on digital asset platform regulation and modernization of payment systems, and will use the existing Australia Financial Services Licensing (AFSL) system as the basis for regulation.