Australian Liberal Senator Andrew Bragg said a plan to regulate the cryptocurrency industry will be published in October, which could be adopted as early as 2022.
About this Andrew Bragg wrote on Twitter and announced during his speech at the NFT Fest virtual event sponsored by Blockchain Australia. Bragg believes that the time has come for the country to create a solid foundation for the development of the cryptocurrency industry, and not to delay this process with endless research and verification.
The senator said that by the end of October, a select Senate committee looking into cryptocurrency regulation will release a report with regulatory advice that could be legislated in the next 12 months. While legislators still have a lot of work to do, Bragg hopes the plan will be adopted regardless of which political party is elected in the upcoming federal elections in 2022.
“We will unveil a plan to take Australia to the fore in digital assets. These will be specific requirements, not just a set of recommendations for target groups or for submitting applications. This policy should be supported by all major parties and included in their election campaigns, ”said the senator.
Bragg did not disclose the details of the initiative, but said that it will focus on consumer protection, promoting investors and promoting market competition. He noted that the rules being developed will not constrain innovation in the field of cryptocurrencies.
The senator also touched upon the topic of environmental problems that may arise in connection with the mining of cryptocurrencies. He intends to accelerate the transition of the cryptocurrency sector to exclusively renewable energy sources in order to achieve zero carbon emissions. According to the senator, in this case, the economic interests of both the government and all participants in the cryptocurrency market will be taken into account.
Previously, the industry organization Blockchain Australia accused the authorities of not wanting to develop regulatory rules to regulate blockchain in the country. In addition, this month, many cryptocurrency firms filed complaints with the Australian Senate about banks’ unmotivated denial of service to their accounts. Given the current situation, local legislators began to work out the issues of regulating cryptoassets in the country.
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