Australia’s Senate Committee Rejects Crypto Regulation Bill
The Australian Senate Economics Legislation Committee has rejected “The Digital Assets (Market Regulation) Bill 2023” introduced by opposition senator Andrew Bragg. Instead, the committee recommended that the government continue consulting with the industry to develop appropriate regulations for digital assets in Australia. Bragg, representing New South Wales, criticized the Labor government for slowing down crypto regulation.
Key Points:
– The committee’s report was divided along party lines.
– The bill lacked detail and certainty and was not in line with international standards.
– The bill raised concerns about regulatory arbitrage and potential negative effects on the industry.
– Prime Minister Anthony Albanese introduced a token mapping consultation paper in February, but a separate paper proposing a licensing and custody framework for crypto asset service providers has not yet been released.
– The industry has been eagerly waiting for the Treasury’s consultation on crypto custody and licensing.
Closing Thoughts:
The rejection of the crypto regulation bill by the Australian Senate Committee shows the ongoing debate and challenges surrounding the development of comprehensive regulations for digital assets. The industry’s anticipation for clarity and guidance from the government continues to grow.
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