An Australian Liberal senator, Andrew Bragg has revealed new Australian crypto regulations could be enacted in 2022. Speaking as a part of the panellists at a Blockchain Australia-supported NFT virtual event, senator Bragg says that Australia’s planned cryptocurrency legislation could be coming soon.
He stated the Senate committee will have the report ready by the end of October 2021, including regulatory recommendations, and these will be enacted within the next 12 months. He stated, “I want us to recommend hard policy changes which will be legislated within the next 12 months.”
The senator has reiterated his promise that the committee will complete its reviews within three weeks. That the country will have a plan designed to make Australia a leading nation in the digital asset world.
The crypto-friendly senator as the head of the select Senate committee has already collected views from various stakeholders on possible Australian crypto regulatory changes. He, however, confirmed that the review process was now complete. It was now time to build frameworks rather than extending the review process.
Even though the senator could not state exactly what the senate report would recommend, he confirmed that they established that Australia needs a robust policy framework for digital assets in line with consumer protection, investor promotion and market competition.
Bragg also acknowledged that there’s a lot of work to be done before the recommendations could be enacted. He however hopes they will sail through irrespective of the political party elected in the 2022 federal election.
What is the current Australian crypto regulatory framework?
The crypto regulations planned for 2022 is not the first time Australia has planned to enact some form of crypto control. The country is one of the leading crypto places having legalised cryptos as early as 2017.
The law recognised Bitcoin and other cryptos as property hence subject to capital gain tax. The laws have also been updated in 2018 and 2019 as the crypto economy evolves.
Still, there have been challenges with crypto regulations, mostly on the definition of digital assets. As cryptocurrencies become mainstream, so does the need for regulations to cover new operations. This has led to various crypto stakeholders in the country calling for updated regulations.
At the same time, there have been those who have been calling for the regulations to remain as they are. That the new regulations would curtail innovation and development in the crypto world. The corporate world has been the leading voice in this category.
Senator Bragg understands that big tech already has way too much power over society, and it’s only through new regulations that the government can manage them.
The new Australian crypto regulations would also address crypto energy concerns. The Australian government is looking to attain a net-zero economy, which seeks to balance the greenhouse gas produced and those removed from the atmosphere. With the new regulations, Australian mining can soon rely fully on renewable energy sources.
