Australia’s Senator Andrew Bragg has announced that the country’s parliament could pass new legislation for the Australian cryptocurrency and blockchain sector in 2022, with the Senate’s Committee on Australia as the Technology and Financial Centre of which he is chairman continuing its work on new regulations.
“I want us to recommend tough policy changes that can be legislated over the next 12 months,” Bragg said in his address to attendees at the Blockchain Australia-backed NFT Fest event. He added:
“We cannot continue the cycle of reports, committees, taskforces and investigations that often hampers the work of the government in new and emerging areas.”
The senator announced that while he could not say at the time what the committees’ report would recommend to legislators, his research had already shown that Australia “needs a robust digital asset policy framework guided by three objectives: consumer protection, investor promotion, and market competition.”
“It speaks a lot for a new system”, the content and structure of which will be included in the final report, he said. What he was able to provide were three preliminary observations based on their investigations, Bragg said, announcing the release of a plan for this October.
“The plan will be guided by some key principles. These principles are: protecting consumers, providing a competitive market on a level playing field and encouraging investment in a dynamic economy”the senator said.
Bragg warned lawmakers “should not try to reinvent the wheel” but be careful not to “destroy the benefits and new competition that digital assets bring against the sometimes complacent established financial institutions.”
There needs to be a balance between introducing digital assets into the regulated world and maintaining their momentum,” he stressed. Bragg represents New South Wales and Australia’s ruling Liberal Party. In addition to the key role he plays on the Senate Technology and Financial Centers Committee, he is also chairman of the Senate Environment and Communications Legislation Committee.