New crypto legislation is expected to be passed in Australia in 2022, Senator Bragg says at the NFT Fest

Liberal Senator Andrew Bragg said at a local industry event that Australia’s digital assets plan to create crypto-related laws is “on the way” and could be passed in 2022.

He also backed plans to run the renewable energy sector as part of the government’s as yet unspecified goal of achieving “Net” CO2 emissions.

Speaking at Blockchain Australia-sponsored NFT Fest virtual event on September 30, Bragg stated that the Senate special committee investigating the issue will publish its report in late October. which will contain normative recommendations that can be adopted within the next 12 months.

New crypto legislation is expected to be passed in Australia in 2022, Senator Bragg says at the NFT Fest
New crypto legislation is expected to be passed in Australia in 2022, Senator Bragg says at the NFT Fest

“The review should be completed in about three weeks, and I will keep the promise I made to you. We’re going to put a plan in front of you, and that plan is to put Australia at the forefront of the digital asset society and the world. ” “, called.

The “crypto-friendly” Senator hosted the Senate investigation into “Australia as a Technology and Financial Center”, in 2021, but emphasized yesterday that now is the time to build solid frames instead of dragging the process out with further revisions.

Although there is still much to be done, Bragg hopes the plan will be adopted regardless of which political party is elected in the next federal election in 2022:

“I think it deserves more than just a series of recommendations for further consultations, working groups and further reviews, so we are going to make some specific recommendations. […] We want the main parties, including my party, to adopt these policies as part of their election manifestos -.

While Bragg did not describe the details, He said the plan would include recommendations for a “strong policy framework” that would focus on three goals: consumer protection, investor promotion and market competition.

“Well, for those of you who say we don’t want regulation. I remind you that your industry representatives and the vast majority of the industry are calling for regulation, so there will be regulation. “, called.

The Senator also stated that he was “very aware” that he did not want to suppress innovations in cryptocurrencies through regulation that targets the “Existing interests” that want to see the sector “destroyed by a regulation that was designed for a completely different purpose”.

Regarding environmental concerns about the energy consumption of cryptocurrencies, as well as the government’s ambitions to move to a “net zero economy”, Bragg stated that he would like the cryptocurrency sector to run on only renewable energy:

“I just want to state the simple fact that we are trying to achieve a net-zero economy. We want to get there as soon as possible. Personally, I think the transition to a net-zero economy is largely in our economic interests. And in the area of ​​digital assets, which use a lot of electricity, we want this to be done on a renewable basis. “

“I think this is a unique opportunity for the industry to accomplish this, to bring these two things together.”he added.

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