Australia's Senate Economics Legislation Committee rejected "The Digital Assets (Market Regulation) Bill 2023" introduced by opposition senator Andrew Bragg, recommending instead that the government "continue to consult with industry on the development of fit-for-purpose digital assets regulation in Australia."
The committee's report is along party lines. Bragg, who represents New South Wales, criticized the rejection, saying the Labor government had "put regulating crypto in the slow lane."
The committee said the bill lacked detail and certainty and was at odds with the government's approach. The bill was "not congruent with international regimes" and caused "genuine concern for regulatory arbitrage and adverse outcomes to the industry," it said.
“The Senate Committee was expected to report on this Bill over a month ago and the industry has been eagerly awaiting Treasury consultation on crypto-custody and licensing," said Blockchain Australia Chair and Digital Assets Lawyer Michael Bacina. "That consultation should be able to build on the industry submissions published as part of the Senate Committee’s review of this Bill.”
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