The Bragg Report

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The Senate Select Committee on Australia as a Technology and Financial Centre (the Committee), chaired by Senator Andrew Bragg, released a report (also known as the “Bragg Report”) in October 2021.

Following on from two interim reports which made a range of recommendations to recognise and better realise the potential of the digital asset industry, this final report focuses on several issues that have been identified as key areas affecting the competitiveness of Australia’s technology, finance and digital asset industries, specifically, the lack of fit-for-purpose regulation of cryptocurrencies and digital assets, issues relating to ‘de-banking’ of digital currency-related companies, the policy environment for neobanks in Australia and options to replace the Offshore Banking Unit.

In this webinar, Michael Bacina, Partner at Piper Alderman conducts a deep dive of the Bragg Report and how its recommendations will disrupt a range of Australian institutions.

The presentation provides an expert overview of:

• the Australian Government’s clear intention to consider potential avenues for the implementation of various structures pertaining to the crypto-space
• Recommendation 3 - suggesting a token mapping exercise in order to characterise digital asset tokens to offer clarity to consumers and entities
• the momentum of the digital asset space and how the Bragg Report recommendations are encouraging mainstream adoption
• the future of Digital Law, what the Bragg Report recommendations will lead to and the long-term strategy of Australia as a technology and finance centre.

It is important to remember the recommendations of the Bragg Report are not binding on the Australian Government and there is no obligation to adopt them. With that in mind, however, there is significant institutional backing behind the proper adoption and regulation of the digital asset industry which will only garner more attention.