Home News Australia to Propose New Legislation on Cryptocurrencies

Australia to Propose New Legislation on Cryptocurrencies

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By the end of October 2021, the Australian Senate Committee to study the regulation of the cryptocurrency industry will announce regulatory recommendations. Thus, Senator from New South Wales, member of the Liberal Party Andrew Bragg said this at the virtual event NFT Fest.

“The review should be completed in about three weeks. We will unveil a plan aimed at bringing Australia to a leading position in the field of digital assets”. The politician expressed hope for the approval of the plan regardless of the results of the federal elections in 2022.

However, Bragg did not disclose the details of the initiative. But he noted that it will focus on consumer protection, investor assistance and the development of market competition. The senator also touched upon the topic of ecology. For this reason, in his opinion, the sector should work exclusively with the use of renewable energy sources.

The transition to a zero-emission economy

“I personally believe that the transition to a zero-emission economy is highly and strictly in our economic interests. And in the field of digital assets that use a lot of electricity, we want it to happen on the basis of renewable sources”. Bragg stressed.

Earlier the senator called for the formation of “correct” regulation to maintain the country’s competitive advantage and protect consumers.

“People are using digital assets, and we need to conduct a thorough analysis of them and see what policies Australia should pursue if we want to be a technical and financial center,” the senator said.

Licensed entities are subject to a regulatory framework

Previously, the Australian Blockchain demanded a coordinated approach from the authorities to create a regulatory framework for the cryptocurrency industry. According to a statement, the organization has approached the Australian Senate Technology and Financial Development Committee with three main recommendations. This is in response to the committee’s request for input from industry members; on how to improve Australia’s position as a “technology and financial” center.

Later in August, the Australian Securities and Investments Commission (ASIC) warned investors against working with unregistered companies related to digital assets. Moreover, the regulator noted that it had received reports about users of such platforms who had suffered “significant losses.”

“Licensed entities are subject to a regulatory framework aimed at maintaining the integrity; quality and reputation of the Australian financial system,” ASIC said.

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