The Australian Senate Economic Legislation Committee has rejected a crypto bill spearheaded by a pro-crypto politician, emphasizing the need for more refining.
“The committee recommends that the Australian Government continue to consult with industry on the development of fit-for-purpose digital assets regulation in Australia,” according to the statement.
According to a recent report, the committee unanimously rejected Liberal Party Senator Andrew Bragg’s “Digital Assets (Market Regulation) Bill 2023.” Western Australian Senator Dean Smith co-authored the draft bill. Even though numerous industry participants presented their points promptly, the committee does not believe it is ready for approval. “The committee recommends that the bill not be passed,” the report says.
Read BeInCrypto’s guide to understanding regulations: What Are the Advantages and Disadvantages of Crypto Regulation? Bragg and Smith say the government’s move is “hurting Australian consumers and investment.” They further claim that the government’s rejection of the measure has left Australia without a well-defined set of crypto rules.
The measure handles both simple and slightly more complicated issues. These rules cover various topics, from auditing and money segregation to proof-of-reserves and reporting obligations. “To provide regulatory clarity and certainty, the Bill also includes clear definitions of ‘digital assets,’ ‘digital asset exchanges,’ and’stablecoins.” Its primary goal, however, is to provide more clarity for cryptocurrency investors: “The Bill is intended to do what this government refuses to do: provide consumer protection and investor certainty.”
According to Australian lawyer and consultation participant Joni Pirovich, the delay in adopting legislation hinders the Australian economy: “I may be a little bit more ruthless. Aside from traditional finance and these CBDC and stablecoin chances, there has been a significant flight of talent and cash from Australia since roughly mid-2022.”
On March 28, Bragg introduced the draft law. “Today, I will introduce legislation in Australia to regulate digital assets.” “The Labour Government has failed to act,” he tweeted.
He believes that effectively implementing regulations will improve Australia’s innovation and economy. “The Digital Assets Bill will put Australia back in the regulatory race,” he continued.
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