Crypto Bill by Australian Opposition Senator Andrew Bragg Rejected by Senate committee

According to Bragg, the Labor administration has slowed down the process of regulating cryptocurrency.

The “igital Assets (Market Regulation) Bill 2023” proposed by disagreement senator Andrew Bragg was shot down by the Australian Senate’s Economics Legislation Committee, which instead urged the government to “keep working to consult with industry on the development of appropriate digital assets regulation in Australia.”

The committee’s findings mirror those of the majority party. Bragg, who represents New South Wales in Congress, said the Labor government’s rejection showed it had “put regulating crypto in the slow lane.”

The committee reported that the measure was inconsistent with government policy and lacked necessary specifics. A legitimate worry about regulatory arbitrage and unfavorable sector results was raised, and the measure was deemed to be “not congruent with international regimes.”

In February, Prime Minister Anthony Albanese issued a token mapping consultation document via the Treasury. This paper was meant to pave the way for an additional consultation paper suggesting an authorization and custody framework for crypto asset service providers by the middle of 2023.

As Blockchain Australia Chair and Digital Assets Lawyer Michael Bacina put it, “the industry has been patiently awaiting Treasury discussion on crypto-custody and licensing.” The Senate Committee was supposed to report on this Bill over a month ago. To be effective, “that discussion should be able to expand on the industry comments published as part of the Senate Finance Committee’s review of this Bill.”

In order to determine the viability of a CBDC in Australia, the central bank has begun a pilot program to assess its viability; nonetheless, the bank’s conclusion last month was that “any conclusion on a CBDC in Australia is likely to be some years away.”

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