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By the end of October 2021, the Australian Senate committee studying regulation of the cryptocurrency industry will present regulatory recommendations, said New South Wales senator and Liberal Party member Andrew Bragg at a virtual NFT Fest event.
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Address to @BlockchainAUS @NFTFestAus — Australia’s digital asset plan is coming. https://t.co/xZVIKWGaZv
— Senator Andrew Bragg (@ajamesbragg) September 30, 2021
\”The review is expected to be completed in about three weeks […]. We will publish a plan aimed at putting Australia at the forefront of the digital assets space,\” the politician said.
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He expressed hope for approval of the plan regardless of the outcome of the 2022 federal elections.
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Bragg did not reveal details of the initiative, but noted that it would focus on consumer protection, help investors and foster market competition. The senator also touched on the ecological issue — in his view, the sector should operate solely with renewable energy sources.
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\”I personally believe that moving to a zero-emissions economy is highly aligned with our economic interests. And in the area of digital assets that consume a lot of electricity, we want this to be powered by renewable energy sources,\” Bragg emphasised.
\n\n\n\nEarlier, Senator called for the development of ‘proper’ regulation to maintain the country’s competitive edge and protect consumers.
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In late July, the Australian Blockchain Association urged authorities to adopt a a coordinated approach to creating the regulatory framework for the cryptocurrency industry.
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Earlier, the local Securities and Investments Commission warned investors against dealing with unregistered companies linked to digital assets.
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