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Thanks to a Senate committee inquiry led by Senator Bragg in September 2019, a comprehensive one-year review of Australia’s standing in technological and regulatory industries is expected.fintech He subsequently took on the role of chair for the committee examining Australia’s position as a financial and technological center, where he pushed for increased regulations and backed cryptocurrency initiatives.
To help foster new opportunities for Australians in emerging fields like blockchain and cryptocurrency, Senator Bragg appointed a taskforce consisting of 15 prominent leaders from finance, fintech, and tech sectors in August 2020.
In addition to his current responsibilities, Bragg has held various leadership roles, such as chair of the Environment and Communications Legislation Committee, national director of a successful campaign for same-sex marriage legalization, and advocate for the rights of Australia’s First Nations Peoples and reforms in superannuation policy.
Achieving net zero emissions is a crucial economic objective for Australia. While overall zero is the target, achieving net zero is the ultimate goal.
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The proposed Digital Assets (Market Regulation) Bill 2023, put forward by opposition senator Andrew Bragg, was rejected by the Senate Economics Legislation Committee. The committee indicated that the government should continue its consultations with the industry to develop a suitable regulatory framework for digital assets in Australia. Senator Bragg expressed his dissatisfaction with this outcome, asserting that the Labor government had delayed cryptocurrency regulation.
The committee's report criticized the measure for being inconsistent with the government’s strategic goals and lacking clarity. It also raised concerns about potential regulatory arbitrage and negative impacts on the industry, noting that the proposal wasn't aligned with international standards.
Don't miss the video where Andrew Bragg discusses cryptocurrency:
Looking ahead to 2022, Senator Bragg appears keen on pushing through the legislation he's championed throughout 2021. He mentioned that Australia’s plans for cryptocurrency regulations are on the horizon and may be implemented in 2022, coinciding with Blockchain Australia’s NFT Fest in October 2021.digital asset With an upcoming parliamentary election on the horizon, he expressed hope that major political parties would incorporate clear regulatory approaches for cryptocurrency into their election platforms.
He emphasized that these technologies are already here and are actively being utilized. To protect consumers and maintain a competitive edge, we need to establish a sound policy and regulatory framework.
He stated that the upcoming strategy will outline a ‘robust policy framework’, focusing on three key areas: fostering investment, ensuring market competition, and safeguarding consumers, although he did not provide extensive details. The senator also shared his vision of promoting the adoption of renewable energy sources.
Australia's Senate Economics Legislation Committee has turned down the proposed Digital Assets (Market Regulation) Bill, which has faced criticism for hindering cryptocurrency regulation.
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Know MoreAndrew Bragg is an Australian Liberal senator representing New South Wales, and he has made headlines for his positions on various topics, including cryptocurrency.
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