Bragg pushes for ‘comprehensive' crypto law package

A “comprehensive legislative package” will be considered as the federal government continues to progress a series of reforms surrounding the regulation of cryptocurrency in Australia.

Liberal Senator Andrew Bragg (Pictured), who chaired a Select Committee which delivered a report detailing potential reforms last year, said in a speech on Monday that he will be pushing for foundational legislation to cover digital assets.

The government on Monday also released terms of reference for the Board of Taxation’s review of cryptocurrency policies and opened consultation on a new licensing framework for digital currency platforms.

No cryptocurrency reforms will hit Parliament before the federal election in May, but the Select Committee’s report on the matter had bipartisan support.

The federal government responded to the recommendations in the crypto report in December last year as part of announcing the “most significant reforms” to Australia’s payments system in 25 years.

The Coalition agreed to consult on regulating cryptocurrency exchanges, the feasibility of establishing a retail central bank digital currency and the buying and selling of cryptocurrencies.

The Board of Taxation was also tasked with advising on how digital transactions and assets should be taxed.

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