Following the widespread adoption of cryptocurrencies in Australia, Andrew Bragg, Senator for New South Wales, says he is confident that the country will implement new regulations for the industry within the next 12 months.
Speaking in a public note addressed to Finder, Bragg said even though regulators have been reluctant to establish reforms for several tech sectors, he believes their approach toward the crypto industry will be different.
He asserts that new regulations for the country’s crypto assets space will be unveiled within the next 12 months.
According to the Senator, crypto-related businesses have done a good job in presenting their case to the authorities despite the negative remarks from crypto critics that the asset class is used to facilitate illegal businesses.
Bragg stated that despite the endless criticism, cryptocurrency enthusiasts have continued to push for regulations, as they believe it would bring validity and credibility to the sector.
“I’ve never seen an industry so keen on regulation [than crypto],” Bragg said.
The Senator, who is head of the Senate Select Committee on Australia as a Technology and Financial Center, also commended Finder.com.au for publishing clear data about the growing adoption of crypto assets in Australia.
Some of the surveys by Finder, suggest that 17% of Australians own cryptocurrencies, with another 13% planning to adopt the asset class within the next 12 months.
The Finder’s survey conveyed a simple and clear message, “cryptos are here to stay,” and as such, there is a growing need for the industry to be urgently regulated, Bragg said.
He further urged Finders and other research firms in the country to continue publishing reports about the crypto revolution, as this information goes a long way to convincing the relevant authorities.
Bragg’s comment comes after the Select Committee on Australia as a Technology and Financial Center published its final crypto report last month.
The committee, which highlighted 12 recommendations in the report, suggested that there should be new licenses for crypto exchanges, tax discounts for miners using renewable energy, and establish a structure to help with crypto classification, among others.
Bragg noted that establishing a favorable and robust framework for the Australian crypto industry will enable the country to compete with leading fintech hubs like the U.K. and Singapore.
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