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The Senate Economic Legislation Committee for Australia has dismissed a crypto bill led by a Liberal Party politician, stressing the need for further refinement.
“The committee recommends that the Australian Government continue to consult with industry on the development of fit-for-purpose digital assets regulation in Australia,” the statement noted.
Australia Requires Urgent Clarity on Crypto Regulations
According to a recent report, the committee has denied Senator Andrew Bragg’s “Digital Assets (Market Regulation) Bill 2023.” The draft bill had been co-authored by Western Australian Senator Dean Smith.
Despite various industry participants urgently presenting their points, the committee does not deem it ready for approval. “The committee recommends that the bill not be passed,” it notes.
To learn more about regulations, read BeInCrypto’s guide: Crypto Regulation: What Are the Benefits and Drawbacks?
Bragg and Smith declare that the government’s decision is “hurting Australian consumers and investment.” The report further explains that the government rejecting the bill has deprived Australia of a well-defined set of crypto regulations.
The bill addresses both straightforward and slightly more complex matters. “The Bill also includes clear definitions of ‘digital assets’, ‘digital asset exchanges’ and ‘stablecoins’, to provide regulatory clarity and certainty,” it notes.
However, its primary aim is to benefit investors of all types.
“The Bill is designed to do what this Government is refusing to do: provide protection for consumers and certainty for investors.”
Lawyer and industry participant Joni Pirovich asserted that the delay in implementing regulations is impeding the Australian economy:
“I perhaps will be a little bit more brutal. Apart from traditional finance and these opportunities around CBDC and stablecoins, there has been a mass exodus of talent and capital from Australia since around mid-2022.”