Senator Andrew Bragg of Australia has stated that new legislation for the Australian cryptocurrency and blockchain sector could be passed by the country’s parliament as early as next year.
The Senate’s Select Committee on Australia as a Technology and Financial Centre, which Bragg chairs, is currently in the thick of things crafting new regulatory frameworks.
“I want us to make recommendations for hard policy changes that can be enacted in the next 12 months,” the senator said in quotes by CryptoNews, during his address to participants of the NFT Fest event backed by Blockchain Australia.
He went on to say that, the country “cannot maintain the cycle of reports, task forces, and investigations that hound government activity” in new and expanding areas.
Strong rules on crypto
While he could not tell what the commission report would advise to legislators at the time, the senator stated that it was evident from the panel’s investigations that Australia requires a robust policy approach to digital assets.
These digital assets, he said, would be governed by three criteria: consumer protection, investor promotion, and market competition.
“There is a compelling case for a new system,” he said, adding that the final report’s content and format will be included, CryptoNews disclosed.
Australia’s ruling Liberal Party is represented by Bragg in New South Wales.
He said he could offer three early insights based on their inquiries, and that a strategy will be released in October.
Guided by basic principles
According to Bragg, the plan will be guided by some key principles. Specifically, they include protecting consumers, ensuring a competitive market on a level playing field, and promoting investment in a dynamic economy.
Bragg told lawmakers that they should avoid “reinventing the wheel”, but at the same time they should stop destroying the competitive advantages digital assets bring to banks.
Bringing digital assets into the regulated world must be balanced with preserving their dynamism, he said.
Bragg also serves as Chair of the Senate’s Environment and Communications Legislation Committee on top of the major part he plays in the country as a Financial Centre select committee member.
Image courtesy of Cointelegraph News/YouTube
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