The Australian Senator said he expects the country to establish clear crypto rules in the next 12 months.
Andrew James Bragg, Australia’s senator for New South Wales, recently acknowledged that cryptocurrency enthusiasts in the country are very eager to receive regulations on their activities in the country.
Demand for Regulation Continues to Increase
In an official statement on Tuesday, Bragg noted that a clear and comprehensive regulatory framework for digital assets will increase market stability, among other things.
Bragg, who is currently serving as the chairman of the Senate Select Committee on Australia as a Technology and Financial Center, said the country’s crypto sector has grown even more eager for robust regulation as the industry progresses to the mainstream adoption stage.
“To my surprise, I’ve never seen an industry so keen for regulation. Almost everyone I’ve spoken to in this industry understands that regulation would bring credibility and validity to this sector that had been cast aside by many as fanciful and illegitimate for its 12 year lifespan.”
The Senator admitted that it will be difficult to push for regulatory clarity on crypto, considering that the asset class is viewed as an unconventional and obscure pursuit.
However, Bragg added that he expects to see new crypto regulations introduced in Australia within the next 12 months, considering that the industry has done extremely well to present its case.
He also commended the efforts of Finder, an Australian comparison website, in providing raw data on the concentration of crypto holders in the country.
A recent survey conducted by the company revealed that about 17% of Aussies have crypto, with another 13% indicating interest in investing in the asset class.
Recommendations for Crypto-Friendly Regulation
The comments from Senator Bragg come just a few weeks after his senate committee published a report about stipulated 12 recommendations that would create robust and friendly regulations for the crypto industry.
The proposed law is geared at tackling some of the major issues the digital asset sector is facing in Australia, including new licenses for exchanges and tax discounts for miners using renewable energy.
Bragg pointed out that the appropriate legislative framework will enable crypto investors to take charge of their finances and eliminate any uncertainties.
Regulatory clarity regarding digital assets will also enable Australia to compete with some of the world’s leading crypto jurisdictions like the United Kingdom, Singapore, and the U.S.