Public hearings for the Senate Select Committee looking into the potential of cryptocurrencies and digital assets continue this Wednesday, September 8.
Fintech Australia, Judo Bank, Afterpay, the ASX, ACCC and ATO among those appearing before the committee, chaired by Senator Andrew Bragg.
Ahead of the hearing, Senator Bragg joined Startup Daily show to outline his thinking as the committee looks to report on the issue by the end of October.
Senator Bragg is looking to balance the current light touch of regulators as many play catch up on the rapidly moving fintech space, with the need to protect individual investors while also encouraging innovation in the sector and ensuring Australia is at the forefront of the digital finance revolution.
Australia has the potential to be a custody hub – capturing a $1 trillion market. Regulators also need to tackle improved anti-money-laundering policies, with more than 400 digital currency exchanges currently registered with AUSTRAC.
Senator Bragg said he’d been blown away by the number of people now employed in his home state of NSW working in crypto exchanges and other digital asset businesses, but is concerned that without the right legislative framework, they could easily relocate offshore.
That said, he’s also called for the sector to put more “meat on the bones” when it comes to data around the number of jobs the crypto and digital finance sector could create.
The committee will also be looking at international examples, such as the US state Wyoming in the USA, which has legal recognition for Decentralised Autonomous Organisations (DAO). Wyoming is the first jurisdiction in the world to create legislation for this industry, paving the way for DAOs to be adopted into the mainstream.
If you’re keen to watch proceedings on Wednesday, click here
Our discussion with Senator Bragg is below. Just click on the clip to watch.
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