Aussie Senator Says Crypto, Blockchain Legislation May Be Passed Next Year

Supply: Andrew Bragg / Twitter

Australia’s Senator Andrew Bragg has introduced the nation’s parliament might go new laws for the Australian cryptocurrency and blockchain sector in 2022, with the Senate’s Choose Committee on Australia as a Know-how and Monetary Centre which he chairs persevering with its work on new rules.

“I would like us to advocate laborious coverage modifications which might be legislated over the subsequent 12 months,” Bragg mentioned in his deal with to the contributors of the NFT Fest occasion backed by Blockchain Australia. He added:

“We can not proceed the cycle of stories, committees, taskforces and inquiries which frequently canines the work of presidency in areas that are new and rising.” 

The senator disclosed that, whereas he couldn’t say at the moment what the committees’ report would advocate to the lawmakers, it was  already clear from its investigations that Australia wants “a sturdy coverage framework for digital belongings, guided by three goals: client safety, investor promotion, and market competitors.”

“There’s a sturdy case for a brand new system,” the content material and construction of which can be contained throughout the ultimate report, he mentioned. What he might present have been three preliminary observations primarily based on their inquiries, Bragg mentioned, asserting the discharge of a plan for this October.

“The plan can be guided by some key ideas. These ideas are: defending shoppers, offering a aggressive market on a degree enjoying subject and selling funding in a dynamic financial system,” in line with the senator. 

Bragg cautioned lawmakers “shouldn’t try to reinvent the wheel,” however watch out to not “destroy the benefits and new competitors which digital belongings deliver in opposition to the generally complacent incumbent monetary establishments.”

There has bought to be a stability between bringing digital belongings into the regulated world whereas preserving their dynamism, he burdened.

Bragg represents New South Wales and Australia’s ruling Liberal Occasion. Along with the important thing function he performs within the Australia as a Know-how and Monetary Centre choose committee, he additionally serves as Chair of the Senate’s Atmosphere and Communications Legislation Committee.


Study extra:
Aussie Banks Reject Crypto Industry’s ‘Bullying’ Allegations
Australian SMEs Catching Crypto Wave While An ETF In Works 

BIS Teases More CBDC Interoperability Progress in New Four-nation Pilot
Young Investors Drive Increased Aussie Bitcoin & Crypto Investments

Written by CryptoMoonPicks

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