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Startup Daily TV: Crypto Report Author Senator Andrew Bragg Says Government Must Act Now on Consumer Protection

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The architect of the Senate report on regulating Australia’s cryptocurrency sector, released nearly a year ago, says the new Labor government should continue to introduce legislation rather than revise existing assessments on the matter.

Liberal Senator Andrew Bragg co-authored a landmark Senate Select Committee report on digital asset regulation last year, examining issues of regulation and consumer protection, the fintech terror of “debanking” and the taxation of digital assets. and drafted our legislative roadmap with 12 recommendations that were embraced by the former coalition government.

Speaking to Startup Daily on ausbiz today, Senator Bragg said Assistant Treasurer Stephen Jones and his boss, Jim Chalmers, must act before Australia misses out on the opportunity that digital assets offer.

Treasurer Jim Chalmers said “the first step in a reform agenda” for crypto will see Treasury prioritize token mapping work for the remainder of this year to help determine how crypto assets and related services should be regulated.

Chalmers said the Treasury work would identify notable gaps in the regulatory framework, advance a licensing framework, review innovative organizational structures, review custody obligations for third-party custodians of crypto assets, and provide additional consumer safeguards.

A public consultation paper on token mapping will be released shortly.

But much of that groundwork had already been laid out in the Bragg report and subsequent consultations with the Treasury, though Chalmers accused the former administration of prematurely “jumping straight into options without first understanding what was being regulated.”

Senator Bragg, now in the opposition, said the government is trying to give the impression that it is doing something when it is not.

“Australia is in the midst of a race for consumer protection, capital attraction and innovation. The Albanian government is ordering a new assessment instead of responding to the Treasury consultation on crypto markets and custody,” he said.

“The government should continue to draft a draft bill rather than revise it further. Our competitors are improving their regulatory systems as we make endless assessments.”

Here’s the interview:

You can watch the Startup Daily show Monday through Thursday from 2-4:40pm ausbiz.com.aufor the latest technology and startup news.

If you can’t be there, you can always catch up on request what our guests had to say via the Australia Place. It’s free once you sign up.

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