Australia to create the regulation norms for cryptocurrencies in 2022
Industry News
The Australian government continues to work on the regulation of digital assets, making the industry safer and more available for investors.
Andrew Bragg, Liberal Senator, has disclosed some plans related to the upcoming regulation to be enacted in 2022. First and foremost, the government is going to reduce carbon emissions from mining, implementing renewable energy sources.
As for new norms and requirements, the Senate committee is ready to present the updated regulation within a month. The report will contain requirements for investors and crypto-related businesses. Meanwhile, Australia understands the importance of the national crypto sector development; this said new regulations will become laws within 12 months.
The country has chosen the progressive way, and regulations are not geared to limit the industry, but open new horizons and opportunities.
A. Bragg comments on the legislative updates, highlighting their importance for the industry as a whole: “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.”
Andrew Bragg is among the most crypto-supportive Australian senators who want the country to lead the market.
As of today, Australia has already installed 37 crypto ATMs (0.1% of the overall number), while 13.36% of the Australian population uses digital currencies for investment or payments. At the same time, in September the FC survey disclosed that 17% of 18+ Australian citizens hold digital assets (the 4th position globally).
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