The Senate Economic Legislation Committee in Australia has dismissed a crypto bill led by a pro-crypto 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 Liberal Party Senator Andrew Bragg’s “Digital Assets (Market Regulation) Bill 2023.” The draft bill was 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.
Bragg and Smith declare that the government’s decision is “hurting Australian consumers and investment.” They further argue that the government rejecting the bill has deprived Australia of a well-defined set of crypto regulations.
To learn more about regulations, read BeInCrypto’s guide: Crypto Regulation: What Are the Benefits and
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Author: Ciaran Lyons
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