Australia is bringing the crypto market regulation bill to Parliament
The Australian Senator Andrew Bragghas introduced a new Digital Assets (Market Regulation) Bill 2023 to the Australian Senate, to regulate the crypto market in the country.
Also read: Australia requires banks to report cryptocurrency
The bill will help crypto-asset exchanges apply for licenses and increase crypto adoption in the country.
The move comes at a time when cryptocurrency exchanges such as Coinbase Coinbase AndBinanceorganizational campaign in the United States, and is considering moving abroad.
Australia is embarking on regulating the crypto market
Senator revealed Andrew Bragg In his tweet on March 29, he has introduced the Digital Assets (Market Regulation) Bill to the Australian Senate.
where he believes Prague Bragg That the current government failed to regulate digital assets in Australia, and that Parliament intervened to protect Australians, and to promote investment in the growing digital assets market.
On the other hand, the bill states that the crypto market is unregulated, and poses risks to investors, such as those seen in the aftermath of the stock exchange crash. FTX FTX.
The thrust behind the (Digital Assets Act 2023) bill is to get Australia back in the regulatory race, protecting consumers and encouraging investment.
Notably, the Cryptocurrency Regulatory Act guarantees licensing of cryptocurrency exchanges, cryptocurrency and stablecoin storage requirements, and confirms Prague Bragg If the bill is passed, Australia will be able to become a cryptocurrency hub.
The Australian senator also criticized the regulations imposed by US regulators, saying:
“Instead of organizing through stealth which is what the US seems to be doing, we want to do it right through Parliament.”
In turn, crypto societies supported, including Blockchain Australiathe step taken by Australian lawmakers.
The proposed cryptocurrency regulation bill follows a bill proposed by the senator Prague Bragg Last year, amid the growing adoption of cryptocurrencies in Australia.
Also Read: Australia: Coinbase Meets Banking Regulators To Discuss Local Crypto Regulations
The crypto market has recently rebounded, as the price of Bitcoin rose more than 6% to over $28,500, and other cryptocurrencies also jumped, due to macro events and market volatility.