Regulation News

Breaking: Australia Introduces Crypto Market Regulation Bill In Parliament

Australian Senator introduces crypto market regulation bill in Australia Senate citing the importance of regulating the market.
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Breaking: Australia Introduces Crypto Market Regulation Bill In Parliament

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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Varinder Singh

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.

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