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Australian senator says clear crypto regulations will launch in a year

Australia ASIC Australian
Australia ASIC Australian

The senator for New South Wales, Andrew James Bragg, has stated that he expects the country to introduce new crypto regulations in the next year. The senator stated that crypto investors in the country were eager to receive these regulations. In an official statement, the senator of Australia stated that bringing clear crypto regulations could benefit the market by boosting stability.

Clear crypto regulations in high demand

Bragg is currently the chair of the Senate Select Committee on Australia as a Technology and Financial Center. This committee is responsible for proposing legislation for innovative financial sectors.

The senator stated that the crypto sector was eager to have a robust crypto regulation as the crypto sector grows bigger and adoption becomes mainstream.

“To my surprise, I’ve never seen an industry so keen for regulation. Almost everyone I’ve spoken to in this industry understands that regulation would bring credibility and validity to this sector that had been cast aside by many as fanciful and illegitimate for its 12-year lifespan,” the senator stated.

Bragg also added that bringing clear regulations into the crypto sector was hard, given that many people viewed crypto assets as unconventional. However, he stated that crypto regulations would be introduced in the next year due to the sector’s growth rate.

The senator states that with the right legislative framework, crypto investors can protect their investments, and it will get rid of uncertainties in the sector. With a clear regulatory framework, Australia can also compete with major economies such as the UK and the US that are making great strides concerning crypto.

Crypto growth in Australia

The crypto market in Australia has been enjoying major growth. A recent report from Finder, an Aussie analytics site, provided statistics on Australia’s number of crypto holders. The report found that 17% of people in Australia held crypto assets, while 13% were interested in investing in digital assets.

Before Bragg’s remarks, the senate committee had issued a report with 12 recommendations to create a crypto sector with clear regulations. This committee’s recommendations include offering licenses for cryptocurrency exchange platforms and issuing tax discounts to crypto miners using renewable energy.

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