Due to the highly volatile nature of the cryptocurrency market, the Australian Parliament has received a new bill to introduce potent regulation for crypto services and service providers in the country.
Opposition Senator Andrew Bragg on Wednesday introduced a private senator’s bill – the Digital Assets (Market Regulation) Bill 2023 – to preserve customers and investors as the country slowly slows down the race to regulate digital assets.
Andrew Bragg appears to be frustrated with the current Labor government for not strictly following through on 12 recommendations regarding digital asset regulation, which Australia’s Senate Select Committee as Technology and Financial Centre submitted in October 2021.
Andrew stated that the Australian government does not have proper regulation around the crypto sector. Events such as the collapse of FTX exchange in November last year, which affected the whole crypto sector inspired Andrew to make a bill proposing the regulation of crypto in Australia.
He also added, “Australia can be a digital asset hub whilst protecting digital asset consumers. But we must act now.”
Andrew Bragg submitted this private bill to the parliament in hopes of proper regulation of cryptocurrency in Australia as he stated, “If a government does not want to act, the Parliament must.”
Also read: Reserve Bank of Australia to Launch CBDC Pilot Soon
