As expected, the Australian Senate has voted on the “Corporations Amendment (Crowd-Sourced Funding) Bill of 2016″. The legislation will legalize equity crowdfunding. The bill was approved with a single amendment altering the cooling off period from 48 hours to 5 days.
Australia has attempted to pass legislation on crowdfunding several times encountering hurdles along the way. This most recent effort was not without challenges.
Many members of the Australian crowdfunding industry heralded the approval as an important step forward for the industry.
The Australian government has become very vocal in support of Fintech in general. Enacting crowdfunding legislation is a logical step in creating a more robust environment for capital formation leveraging the internet.