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.
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.
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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.
