Australia must introduce better regulations for crypto assets if the country is to “stay ahead of the game” and foster innovation, according to Conservative Australian senator, Andrew Bragg.
Crypto asset products have already proliferated, emphasizing the need for Australia to cultivate a positive business climate and offer consumer protections for the burgeoning industry. The aforementioned was stated by Andrew Bragg when he appeared on Sky News, and he is a member of the ruling Liberal Party — who is chairing a senate inquiry into Bitcoin and other digital assets
According to Andrew Bragg:
“We need to make sure that we have the right policy and regulatory environment to be able to maintain our competitive advantage, but also to protect consumers.” Also he stated that
“The reality is these products are out there now, people are using them,” he said.
“People are using [digital assets] and we need to have a thorough review of it and see what sort of policy Australia wants to have if we want to be a tech and financial center.”
The senate inquiry into digital assets that Bragg is chairing was announced earlier this week. A paper compiled on May 19 indicates the committee will examine cryptocurrency policy in Australia with consideration of the regulatory approaches of the United States, Canada, the United Kingdom, and the EU.
The paper warns that a failure to deliver comprehensive crypto regulations may drive investment offshore and undermine Australia’s competitive standing within the industry:
“The committee will be assessing options for the development of a comprehensive regulatory framework for cryptocurrency and digital assets. We want to know what type of policy provision and legal certainty is needed to drive private investment into Australian digital assets rather than the investment occurring offshore.”