An Australian senator submits a measure to regulate the cryptocurrency market in the Australian Senate, claiming the necessity of doing so.
To control the nation’s cryptocurrency industry, Australian Senator Andrew Bragg on Wednesday introduced a new bill, the Digital Assets (Market Regulation) Bill 2023, in the Australian Senate.
It will facilitate the licensing process for crypto asset exchanges and broaden the use of cryptocurrencies in the nation. The decision was made at a time when cryptocurrency exchanges like Coinbase and Binance are considering leaving the United States due to regulatory pressure.
Australia continues to regulate the cryptocurrency market. The Digital Assets (Market Regulation) Bill has been introduced in the Australian Senate, according to a tweet from Senator Andrew Bragg on March 29.
According to Bragg, the Australian Parliament has stepped in to safeguard Australians and encourage investment in the country’s expanding market for digital assets because the existing administration has failed to control them.
The measure claims that unregulated cryptocurrency markets expose investors to risks similar to those experienced during the FTX collapse. The Digital Assets (Market Regulation) Bill 2023, a private senator’s bill, is intended to “bring Australia back into the regulation race, protect consumers, and boost investment.”
The crypto regulation bill assures stablecoins, custody standards, and licensing for crypto exchanges. According to Andrew Bragg, if the measure is approved, Australia would be able to establish itself as a center for the cryptocurrency industry.
The bill establishes minimum capital requirements, suitable governance practices, segregation of customer funds, and security requirements. An Australian senator criticizes the regulation by enforcement by American 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 action by Australian politicians was welcomed by cryptocurrency organisations like Blockchain Australia. The proposed crypto regulation bill came after a draft bill put up by Senator Bragg in the midst of the increasing acceptance of cryptocurrencies in Australia last year.
Bitcoin’s price increased by over 6% to over $28,500 as the cryptocurrency industry recovered. On the back of market turbulence and macro developments, other cryptocurrencies also increased in value.
