During a Senate hearing on July 25, Coinbase's Chief Policy Officer, Faryar Shirazad, emphasized the importance of regulatory clarity in Australia to establish itself as a major web3 hub. He urged lawmakers to act quickly, citing the upcoming implementation of the Markets In Crypto Assets Regulation (MICA) in Europe. Shirazad stated that the sooner Australia acts, the sooner Coinbase can tailor its products and infrastructure to the Australian market. The Digital Asset (Market Regulation) Bill 2023, introduced by Senator Andrew Bragg, aims to define key terms and issues around the market and protect digital asset consumers. However, the bill's progress has been slow, and Australia currently trails behind other jurisdictions like Europe and Hong Kong in rolling out specific regulations and licensing regimes.