US decision puts new urgency on local crypto regulation: Bragg

Brandon How

The need for Australian crypto regulatory reform has grown more urgent than ever following the US decision to green light the listing of Bitcoin-based financial products, according to NSW Liberal senator and crypto aficionado Andrew Bragg.

The former chair of the Senate Select Committee for Australia as a Technology and Financial Centre Senator Bragg says there is a growing risk that crypto gatekeeper services – such as exchanges and crypto wallet providers – will move offshore to jurisdictions that already have regulatory arrangements in place.

“Before this [SEC decision] there was evidence that there were crypto markets looking at moving offshore, where there are regulatory arrangements. It might be the United Kingdom, might be Singapore, might be the United Arab Emirates,” Senator Bragg said.

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