A recent development has stirred discussion among legislators, crypto enthusiasts, and industry stakeholders in Australia. The nation’s Senate, via its Economic Legislation Committee, has shown resistance against a Bill aiming to regulate the cryptocurrency trading platforms operating within its borders.
InnovationAus.com, an organization researching public policy and business innovation, has shed light on this standoff. The primary obstacle is an internal division over the necessity and application of the proposed Bill, which calls into question the trajectory of crypto regulation in Australia.
Divisions And Deliberations
The Economic Legislation Committee’s report confirmed the extensive groundwork undertaken since the Bill’s inception by Senator Andrew Bragg, a well-known advocate for the crypto space.
Although the Bill’s main objectives, including protecting investors from potential scams, were recognized and even commended, a significant divide emerged among submitters.
The matter to consider is whether the current regulations are sufficient for digital assets or if a specific legislative framework is necessary.
This divide wasn’t restricted to legislative considerations alone. Prominent stakeholders like FinTech Australia expressed concerns about the lack of comprehensive details surrounding digital asset exchange requirements and governance-related matters.
This was echoed in the committee’s assertion that, while there is a unanimous consensus about the need for additional industry regulation, the
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Author: Samuel Edyme
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