Regulators from across the globe are becoming increasingly active in formulating new tax and regulatory frameworks related to cryptocurrencies. Australia may see new crypto regulations in 2022, according to Senator Andrew Bragg.
In a recent statement to the press, the senator said that he would want to see political parties including his act on creating a new regulatory framework for cryptocurrencies and the evolving alternative financial markets.
“We will want the major parties, including my party, to adopt these policies as part of their election manifestos,” he said. The senator also indicated that the plans are already underway and the new crypto regulations will most probably come into effect by early 2022.
Senator Bragg was speaking at the virtual NFT Fest event that was sponsored by Blockchain Australia. He revealed that the select Senate committee is already making efforts to investigate the alternative financial systems that rely on the use of blockchain-powered cryptocurrencies and they will have a report by the end of October.
“The review is due to conclude in about three weeks from now and the promise that I made you, I will keep. We will give you a plan, and that plan will be designed to put Australia at the front end of the digital asset society and the world,” he said.
Cryptocurrencies are becoming increasingly popular in Australia, especially amongst millennial investors. A report estimated that one in six Australians owns bitcoin or any other cryptocurrency. With the growing popularity of digital assets, the country needs new crypto regulations. It will help both the regulators and blockchain startups who are on the receiving end due to the ambiguous regulatory framework.
Demonstrating commitment Senator Bragg affirmed: “Now, for those of you that say we don’t want to have regulation. I would remind you that your industry reps and the vast bulk of the industry is asking for some regulation, so there will be some regulation.”