Online reports that Australia's ruling Labor Party has proposed a new legal framework for the cryptocurrency industry. The relevant framework will amend the current financial services law to solve the de-banking problem of the country's cryptocurrency industry. Edward Carroll, an executive at Australia's crypto platform MHC Digital Group, said that although the decision to debanicate crypto was not the result of regulatory orders, the current lack of a clear regulatory framework seems to have become a more common awareness of risk avoidance. The market is currently optimistic about the positive stance of the Australia Labor Party, hoping to give banks confidence to re-cooperate with crypto businesses that meet compliance standards.