‘Australia’s Digital Asset Plan Is Coming’

Speaking at this year’s NFT Fest, NSW Senator Andrew Bragg said that Australia’s digital asset plan could be enacted in 2022, bringing crypto-related legislation to benefit the local industry and put Australia at “the front end of the digital asset society”.

The NFT Fest gathered dozens of speakers from the crypto and blockchain space last week to speak about some of the industry’s trending topics. Senator Bragg was among the participants, and he talked about the current national regulatory climate for crypto companies.

According to Bragg, the Senate Select Committee will publish its report to include regulatory recommendations, mainly about consumer protection and driving investment into Australia, by the end of this month.

Bragg is one of the few crypto-friendly politicians in Australia, and a firm believer that proper crypto regulation could boost investment and jobs in the country. As the market and technology develop in parallel at a faster rate, he says it’s time for Australia to do proper research and implement a robust regulatory framework for market participants.

It is clear from our investigations that we need a robust policy framework for digital assets, guided by three objectives: consumer protection, investor promotion, and market competition.
Senator Andrew Bragg

Net Zero Emissions and TradFi

Bragg pointed out the fact that digital assets have a bad reputation in Canberra partly because traditional financial institutions are undermining crypto.

He also backed his plans to run the crypto space on renewable energy as part of the government’s repositioned goal of achieving net zero carbon emissions.

Bragg speaking from the panel: “Digital assets have a bit of a bad name in Canberra” partly because tradfi institutions “do their best to undermine innovation, because they see it as a loss of business … they have lobbying resources, more than @BlockchainAUS has”
— chloe white (@ChloeWhiteAus) September 30, 2021

Senator Bragg closed his speech by pointing out the dangers posed by the tech giants, prompting the implementation of a regulatory framework to counter their power over society in what he calls “a battle for the ages”.

Big tech has way too much power over our society. They’re not Australian companies. We don’t want them to run the world … Let’s implement a new regulatory framework over the next 12-18 months… Our battle against big tech is a battle of the ages.
Senator Andrew Bragg