The new Australian crypto law in 2022, Senator Bragg told NFT Fest

Liberal Senator Andrew Bragg said at a local industry event that Australia’s digital wealth plan to make cryptocurrency-related legislation is “coming soon” and could be effective in 2022.

He also supported the government’s plan to run the ‘Net Zero’ carbon-free mission in the renewable energy sector as part of its yet-established goal.

Speaking at the Sept. September blockchain Australia-backed Virtual NFT Fest event, Bragg said an elected Senate committee investigating the matter would release its report in late October, which would include regulatory recommendations that could be enacted in the next 12 months.

“The review is expected to be completed in about three weeks from now and I will keep my promise to you. We will give you a plan and that plan will be made to make Australia a digital resource society and the first end of the world.

The crypto-friendly senator convened a Senate inquiry into “Australia as a Technology and Financial Center” in 2021, but stressed yesterday that it was time to establish a tougher framework rather than prolong the process with further review.

Although much remains 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 you deserve more than a series of recommendations for new research, a task force and more reviews. So we’ll make some tough recommendations. […] We want the major parties, including my party, to adopt these policies as part of their election manifestos.

Although Bragg did not give a specific outline, he said the plan would include a recommendation for a “strong policy framework” centered on three goals: consumer protection, investor promotion and market competition.

“Now, those of you who say we don’t want to control. I will remind you that your industry representatives and a large part of the industry want some regulation, so there will be some control, ”he said.

The senator also said he did not want to hinder innovation in “highly conscious” crypto by regulating what suits “authoritarian interests” who want to see the sector “destroyed by a completely regulated rule.”

Related: 17% of Australians now own cryptocurrencies, a total of 8 8 billion of them: the survey

Speaking of environmental concerns about the cost of crypto energy, as well as the government’s ambition to transform the government into a “net-zero economy”, Bragg said he wants the crypto sector to operate using only renewable energy:

“I will just say the simple truth that we are trying to move towards net zero. We want to get there as soon as possible. I personally think it is extremely strong and strongly in our economic interest to transform into a net-zero economy. And in the case of digital resources that use a lot of electricity, we want it to happen on a renewable basis.

“So I think it’s a unique opportunity for the industry, to pull these two things together,” he added.

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