Main navigation

Crypto Bill Shot Down by Australian Senate

Mon, 09/04/2023 - 15:45
article image
Alex Dovbnya
Rejection of bill comes amid increasing calls for clarity in cryptocurrency regulation, with critics warning that delay could drive investment offshore and expose consumers to risk in unregulated market
Crypto Bill Shot Down by Australian Senate
Cover image via
Read U.TODAY on
Google News

A Senate committee in Australia has rejected a bill aimed at regulating cryptocurrency exchanges, citing concerns over the operation of the proposed reforms.

The committee acknowledged the need for regulation, but it found the bill lacking in detail and poorly integrated with existing regulatory frameworks.

The now-rejected bill was introduced by Australian opposition Senator Andrew Bragg in late March.

Aimed at establishing a licensing system for crypto exchanges, it outlines requirements such as minimum capital, governance procedures and customer fund segregation.

Bragg argued that Australia's regulatory approach to crypto has been slow and needs to be accelerated to provide clarity to the industry, which is currently suffering from a bear market and low investment due to regulatory uncertainties.

XRP Community Awaits This Airdrop as XRP Burning Takes Center Stage

The bill also plans to specify the rules around issuing stablecoins and custody services.

In a statement released after the rejection of his bill, Bragg criticized the Labor government for abandoning the previous legislative agenda on crypto regulation. He argued that digital assets could disrupt traditional financial services and benefit consumers if properly regulated.

Bragg warned that the government's failure to act has left consumers vulnerable to the risks of an unregulated market and driven investment offshore.

He also emphasized that an Australian crypto bill is viable and urged the Senate to debate and pass his bill, stating that waiting for the government to act is not an option.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at