Senator calls for tougher cryptocurrency regulation in Australia

Australia should implement tighter regulation of cryptocurrencies if it wants to foster innovation and ‘stay one step ahead of everyone.’ This was stated by New South Wales Senator and Liberal Party member Andrew Bragg in an interview with Sky News.

According to the politician, digital assets have already become widespread. This requires creating a ‘proper’ regulatory framework to maintain the country’s competitive edge and protect consumers, Bragg said.

“People are using [digital assets], and we need to conduct thorough analysis to determine what policy Australia should pursue if we want to be a technology and financial hub,” the senator said.

Bragg chairs a special committee investigating cryptocurrencies. According to The Sydney Morning Herald, citing a group document, experts will study regulatory approaches in the United States, Canada, the United Kingdom, and the European Union.

“The committee will assess options for developing a comprehensive regulatory framework for cryptocurrencies and digital assets. We want to know what policy measures and legal certainty are necessary to stimulate private investment in Australian digital assets,” the document states.

In November 2020, former Australian politician and leader of the conservatives Cory Bernardi described Bitcoin as ‘gold for millennials‘. In his view, the flagship asset carries the same risks as other asset classes, and demand for cryptocurrency ‘is growing stronger’.

According to a survey by the Independent Reserve exchange, by the end of 2020 more than 90% of Australians had heard of at least one digital asset, and about 20% of residents had invested in cryptocurrencies.

In February 2021, the Australian Securities and Investments Commission approved the listing of Cosmos Capital’s Bitcoin-based exchange-traded fund.