Australian senator Andrew Bragg has urged regulators to develop clear and comprehensive regulations to encourage innovation and ensure global competitiveness.
Conservative Australian senator, Andrew Bragg, has asserted that Australia must introduce better regulations for crypto assets if the country is to “stay ahead of the game” and foster innovation.
Appearing on Sky News, the member of the ruling Liberal Party — who is chairing a senate inquiry into Bitcoin and other digital assets — stressed that crypto asset products have already proliferated, emphasizing the need for Australia to cultivate a positive business climate and offer consumer protections for the burgeoning industry.
“The reality is these products are out there now, people are using them,” he said. “We need to make sure that we have the right policy and regulatory environment to be able to maintain our competitive advantage, but also to protect consumers.”
“People are using [digital assets] and we need to have a thorough review of it and see what sort of policy Australia wants to have if we want to be a tech and financial center.”
The senate inquiry into digital assets that Bragg is chairing was announced earlier this week. A paper compiled on May 19 indicates the committee will examine cryptocurrency policy in Australia with consideration of the regulatory approaches of the United States, Canada, the United Kingdom, and the EU.