Australia to propose crypto industry regulation in 2022
The Australian Senate’s Select Committee studying cryptocurrencies to make regulatory recommendations by the end of October 2021. This was announced by Andrew Bragg, Liberal Senator from New South Wales, at the virtual NFT Fest event supported by Blockchain Australia.
The senator said he hoped that Australia’s digital asset plan to create cryptocurrency-related legislation would be approved regardless of the outcome of the federal election in 2022.
Bragg did not disclose details of the initiative, but said it would focus on protecting consumers, helping investors and promoting market competition. The senator also touched on the topic of the environment. In his opinion, the cryptosector should work exclusively with renewable energy sources.
Earlier, Bragg had called for the formation of proper regulation to protect consumers and maintain the country's competitive advantage.
Senator warns lack of regulations could harm Australian crypto innovation: Australian senator Andrew Bragg has urged regulators to develop clear and comprehensive… https://t.co/Fvxapt7sYj | https://t.co/JLNnk4SNxX | https://t.co/FHLhKCQA7o #cryptocurrency #Bitcoin #Forex pic.twitter.com/f5aWb1ZJTj— CryptoGator.co | Crypto and Forex News Aggregator (@eBargainsToday) May 21, 2021