Andrew James Bragg (Australia’s senator for New South Wales) recently admitted that crypto enthusiasts in the country are eager to have regulations on their activities.
The Demand for Regulation continues to Rise
Bragg stated in an official statement that Tuesday’s announcement highlighted the importance of a clear regulatory framework for digital assets.
Bragg is currently the chair of the Senate Select Committee on Australia Technology and Financial Center. He stated that the crypto sector in the country has become more interested in robust regulation as it moves to mainstream adoption.
“I was surprised to find an industry that is so open to regulation. Nearly everyone in the industry I have spoken to understands that regulation would give credibility and legitimacy to this sector, which many considered fanciful and unlegitimate given its 12-year lifespan.
Given the obscure and unconventional nature of crypto, Senator reveals that it will be difficult for regulators to clarify this asset class.
Bragg stated that he expected to see new crypto regulations in Australia within 12 months. This is a significant statement considering the industry’s outstanding efforts to present its case.
He also praised the efforts of Finder (an Australian comparison website) in providing raw data about the country’s crypto-holder concentration.
The company recently conducted a survey and found that 17% of Australians had crypto. Another 13% indicated interest in investing in this asset class.
Recommendations to Crypto-Friendly Regulation
Just a few weeks ago, Senator Bragg’s senate committee published 12 recommendations to create strong and friendly regulations for crypto industry.
The law proposal is designed to address some of the most pressing issues facing the digital asset sector in Australia. It includes new exchange licenses and tax incentives for miners who use renewable energy.
Bragg stated that crypto investors will be able to take control of their finances and eliminate all uncertainties if they have the right legislative framework.
Australia will be able to compete with the U.S., Singapore and the United Kingdom if there is regulatory clarity around digital assets.
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