Australia’s Senator Andrew Bragg has announced the country’s parliament could pass new legislation for the Australian cryptocurrency and blockchain sector in 2022, with the Senate’s Select Committee on Australia as a Technology and Financial Centre which he chairs continuing its work on new regulations.
“I want us to recommend hard policy changes which can be legislated over the next 12 months,” Bragg said in his address to the participants of the NFT Fest event backed by Blockchain Australia. He added:
“We cannot continue the cycle of reports, committees, taskforces and inquiries which often dogs the work of government in areas which are new and emerging.”
The senator disclosed that, while he could not say at that time what the committees’ report would recommend to the lawmakers, it was already clear from its investigations that Australia needs “a robust policy framework for digital assets, guided by three objectives: consumer protection, investor promotion, and market competition.”
“There is a strong case for a new system,” the content and structure of which will be contained within the final report, he said. What he could provide were three preliminary observations based on their inquiries, 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 marketplace on a level playing field and promoting investment in a dynamic economy,” according to the senator.
Bragg cautioned lawmakers “should not attempt to reinvent the wheel,” but be careful not to “destroy the advantages and new competition which digital assets bring against the sometimes complacent incumbent financial institutions.”
There has got to be a balance between bringing digital assets into the regulated world while preserving their dynamism, he stressed.
Bragg represents New South Wales and Australia’s ruling Liberal Party. In addition to the key role he plays in the Australia as a Technology and Financial Centre select committee, he also serves as Chair of the Senate’s Environment and Communications Legislation Committee.
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