Breaking: Australia Introduces Crypto Market Regulation Bill In Parliament

Varinder Singh
March 29, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Australia Crypto Scam

Australian Senator Andrew Bragg has introduced a new Digital Assets (Market Regulation) Bill 2023 in the Australian Senate on Wednesday to regulate the crypto market in the country. It will help crypto asset exchanges apply for licenses and increase crypto adoption in the country.

The move comes at a time when crypto exchanges such as Coinbase and Binance face a regulatory crackdown in the U.S. and thinking of moving offshore.

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Australia Proceeds To Regulate Crypto Market

Senator Andrew Bragg in a tweet on March 29 revealed that he has introduced the Digital Assets (Market Regulation) Bill in the Australian Senate. Bragg believes the current government has failed to regulate digital assets in Australia and the Parliament has stepped in to protect Australians and promote investment in the growing digital asset market.

According to the bill, an unregulated crypto market poses risks to investors such as seen during the FTX collapse. The motivation behind Private Senator’s Bill, the Digital Assets (Market Regulation) Bill 2023, is to “put Australia back into the regulation race, protect consumers, and promote investment.”

The crypto regulation bill ensures licensing for crypto exchanges, custody requirements, and stablecoins. Andrew Bragg asserts that if the bill is passed, it will enable Australia to become a crypto hub.

Australian Senator criticizes the regulation by enforcement by U.S. regulators, saying “rather than regulate through stealth which is what seems like the US is doing, we want to do it properly through the parliament.” The bill provides for minimum capital requirements, appropriate governance procedures, segregation of customers funds, and security requirements.

Crypto associations including Blockchain Australia supported the move by Australian lawmakers. The proposed crypto regulatory bill followed a draft bill proposed by Senator Bragg last year amid the rising crypto adoption in Australia.

The crypto market rebounded, with Bitcoin price soaring over 6% to over $28,500. Other cryptocurrencies also jumped higher on macro events and uncertainties in the market.

Also Read: Bitcoin Price Reclaims $28,500 Amid Binance FUD, Here’s Why

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.