New South Wales Senator Andrew Bragg said the tightening of regulation “will bring trust and credibility” to the country’s emerging digital asset sector.
The chairman of the Australian Senate Committee on Technological and Financial Development, Andrew Bragg, said that cryptocurrency companies in the country are ready for stricter regulatory oversight in order to achieve greater industry legitimacy.
“I’ve never seen an industry so eager for regulation. Almost everyone I spoke with in this area understood that regulation would increase confidence in the cryptocurrency sector, ”he said.
Bragg also commented on a report released last month by the Australian Senate Committee on Technological and Financial Development. The document contains 12 recommendations aimed at solving key industry problems, including tax breaks for miners using renewable energy sources, new licenses for cryptocurrency exchanges, a revision of the capital gains tax in the field of decentralized finance (DeFi) and new laws governing decentralized autonomous organizations. (DAO).
It became known in early October that an elected Senate committee was preparing to release a plan to regulate the cryptocurrency industry. The recommendations can be adopted by law in the next 12 months. Bragg noted that the current lack of clarity in industry regulation “creates uncertainty for project developers, cryptocurrency companies, investors and consumers.” The recommendations will enable Australia to compete with leading blockchain and cryptocurrency jurisdictions including Singapore, the US and the UK.
According to BTC Markets, the average size of an Australian investor’s portfolio increased by 258% in 2021. In late October, the Australian Securities and Investment Commission published regulatory requirements for the launch of ETPs and ETFs tied to cryptocurrencies.
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