Senator Andrew Bragg of New South Wales has stated that strict laws will “add legitimacy and authenticity” to the country’s nascent digital asset market.
The head of the Senate Committee on Australia as a Technology and Financial Centre, spoke to local magazine Finder on November 2. Stated that the country’s crypto industry has demonstrated a readiness to accept additional regulatory monitoring. In order in order to achieve mainstream credibility.
Senator Bragg stated, “To my astonishment, I’ve never encountered an industry that is so eager for regulation”.
“The vast majority of whom I’ve talked to in this field recognises that regulation will provide validity. As well as authenticity to this business.”
Bragg went on to say that he expects new crypto sector laws to be implemented in Australia within the next year.
Bragg’s remarks follow the release of the ‘Crypto Report’ by his senate committee last month.
The paper included 12 suggestions aimed at resolving the crypto industry’s most pressing concerns. There will be a tax discount for crypto miners who utilise renewable energy. As well as new crypto exchange licences, a capital gains tax revamp in decentralised finance (DeFi). In addition to new regulations to manage decentralised autonomous organisations (DAO).
The letter also stated that the existing lack of regulatory clarity on digital assets “creates uncertainty for project developers, firms, investors, and consumers”.
The proposals, according to Bragg, will allow Australia to compete with top blockchain and crypto jurisdictions. Such as Singapore, the United States, and the United Kingdom.
According to surveys, over 25% of Australians presently own or have previously held cryptocurrencies. Making the country one of the largest per capita consumers of cryptocurrencies.
Rising demand for digital asset access
Over 600,000 taxpayers are estimated to have invested in digital assets in recent years, according to the Australian Taxation Office (ATO).
Swyftx, a Brisbane-based cryptocurrency broker with over 100 employees in Australia, has called on the government to help meet the rising demand for digital asset access.
Swyftx informed the Committee that bringing digital assets within a customised and appropriate regulatory framework is a far better answer. Than forcing customers to operate outside of it with unregulated, foreign companies.
According to the report, Blockchain Australia also discussed the necessity for Australia to implement adequate legislative change. In order to stay up with other countries.
The industry organisation stated, “Australia is falling behind overseas jurisdictions in the establishment of a fit-for-purpose crypto-asset framework”.