The future of cryptocurrency guidelines stays unsure in Australia after the Senate rejected a new consignment that aimed to provide a framework for digital asset oversight.
The Senate Economics Legislation Committee declined to approve the “Digital Assets (Market Regulation) Bill 2023” delivered via Senator Andrew Bragg. The committee referred to a lack of elements and conceivable conflicts with the government’s existing approach.
Bragg criticized the rejection, claiming the Labor government had “put regulating crypto in the slow lane. The invoice sought to set up licensing guidelines and custody requirements for crypto provider companies in Australia.
However, the committee record argued Bragg’s consignment was once incongruent with international standards and should enable regulatory arbitrage. Prime Minister Anthony Albanese had already initiated a separate consultation on crypto regulations before this year.
Is Australia slowing down on positive crypto regulation?
The rejection highlights Australia’s cautious stance on cementing cryptocurrency laws, even as adoption rises. Like governments worldwide, Australia faces pressure to stable innovation and oversight in the fast-evolving digital asset sector.
While not an outright ban, declining Bragg’s consignment indicates Australia is pumping the brakes on crypto regulation. The authorities continue that it is nonetheless consulting with industry players to form a tailored framework. But the indefinite timeline leaves the US besides felony guardrails as crypto innovation expenses ahead.
Australia has received praise for embracing Bitcoin’s potential, although particular oversight remains a work in progress. The cryptocurrency enterprise will anxiously watch for the government’s next regulatory strikes as uncertainty lingers.
