Australia To Introduce Clear Crypto Regulation Within A Year
According to Australian Senator Andrew James Bragg, the country should be ready to establish clear crypto rules in the next 12 months.
Andrew James Bragg, Australia’s senator for New South Wales, recently acknowledged that cryptocurrency enthusiasts in the country are very eager to receive regulations on their activities. As in many other countries in the world, the lack of clear regulatory direction has caused uncertainty for the growing crypto market.
Senator Bragg, said in a statement on earlier this week that a clear and comprehensive regulatory framework for digital assets will increase market stability, among other things.
Bragg, who is the chairman of the Senate Select Committee, said that Australia’s crypto sector has become more eager for robust regulation as the industry progresses to the mainstream adoption stage. He further elaborated:
“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.”
However, creating a regulatory framework for crypto is not an easy thing to do, as the asset class is viewed as an unconventional and obscure pursuit.
Bragg, however, expects to see new crypto regulations introduced in Australia within the next year or so, considering that the industry has done extremely well to present its case.
The senator also gave credit to Finder, an Australian comparison website, in providing raw data on the concentration of crypto holders in the country.
According to a recent Finder survey revealed that about 17% of Aussies hold crypto, with another 13% indicating interest in investing in the asset class.
Senate Calls for Crypto-Friendly Regulation
The comments from Senator Bragg come just a few weeks after his senate committee published a report about stipulated 12 recommendations that would create robust and friendly regulations for the crypto industry.
The proposed law is geared at tackling some of the major issues the digital asset sector is facing in Australia, including new licenses for exchanges and tax discounts for miners using renewable energy.
Bragg pointed out that the appropriate legislative framework will enable crypto investors to take charge of their finances and eliminate any uncertainties.
Regulatory clarity on crypto will also put Australia in a better position to compete with some of the world’s leading crypto jurisdictions such as United Kingdom and the United States.
