The two sophisticated financial economies of the United States and Australia are now together to drive crypto standards throughout the world. Both governments are planning to set global crypto standards, noting a similar executive order of Treasurer Frydenberg as an order from President Biden released in December.
Andrew Bragg and an Australian Senator met in a discussion about cryptocurrency regulation between the two friendly countries the US and Australia. Senator Bragg is a crypto-friendly politician of the ruling Liberal party which is one of the driving forces behind the forward-thinking regulatory forces of Australia.
Bragg fronted the Senate Committee on Australia as a Technology and Financial Center (ATFC) which tabled 12 extensive regulatory proposals relating to taxation, decentralized autonomous organizations (DAOs) and company licensing.
Treasurer Josh Frydenburg outlines briefs to start implementing at least six proposals by mid of 2022. The proposals have been filtered and packaged as the Digital Service Act and are in the process of implementation.
The federal elections of the country appearing soon may affect the adoption of the Digital Service Act if the opposition Labor Party wins the election, as it is yet to provide a concrete stance on the crypto sector.
“We want to be close to our friends in the United States on these issues as much as we can,” Australian Senator Andrew Bragg told Cointelegraph.
Issues Driving the Differences Between Two Partners
With the proven historical partnership of the US and Australia, Bragg concentrated on the importance of aligning many issues as much as possible.
“I see that as an economic growth area, as a security objective, because we have a unique relationship with the United States, which is cultural, economic, military. So we want to be as close to our friends in the United States on these issues as much as we can.”
The area of difference that may appear between the two friendly countries is an approach to launch a Central Bank digital currency. in terms of US Bragg states that there is no need for one due in part to the nation’s instant digital payments network and his awareness at this stage.
If in case the Labor party gets voted it is required to have a discussion with them about it, failing to discuss may derail Bragg’s efforts at crypto reform over the last two years. Bragg’s speech about accounting at the business Expo in Sydney outlines his political party’s intention to provide good regulation in opposition to stifling regulation. This holds a safety net even when the market fails and also holds individuals accountable for consequences.
Bragg stated during his speech
“Regulation which creates Certainly while inviting the possibility of more innovation, including innovation which we cannot anticipate. Regulation which protects the interests of consumers and investors on a level playing field -while allowing flexibility, inventiveness, and experimentation.”