Australia's Senate Committee Rejects Senator Bragg's Digital Asset Regulation Proposal
In Brief
The Senate Economics Legislation Committee in Australia rejected a bill proposed by opposition senator Andrew Bragg concerning the regulation of digital assets.
The Committee stated that the proposed bill did not align with the government's strategic direction.
Australia's Senate Economics Legislation Committee has dismissed a Digital Assets (Market Regulation) Bill on Monday.
Introduced last year by opposition senator Andrew Bragg, the bill faced criticism from Bragg, who accused the current Labor government of delaying necessary cryptocurrency regulations.
The examination of the bill uncovered a division among stakeholders about the necessity for a standalone legal framework for digital assets, with some suggesting that revising current regulations could be sufficient.
Organizations like FinTech Australia voiced concerns regarding the bill's vague provisions on requirements for digital asset exchanges and governance standards for stablecoins, as well as the proposed timeline for these changes.
"The committee believes that the bill contradicts the cautious and widely endorsed strategy that the government is implementing to ensure regulations are thoroughly considered and beneficial for consumers and the digital assets sector,\" the report from Australia’s Senate Economics Legislation Committee stated.
The report also points to forthcoming conversations on establishing appropriate licensing and custody standards for digital assets, which is a continuation of the efforts started by Prime Minister Anthony Albanese last year. token mapping This initiative involves collaboration with the Digital Finance Cooperative Research Centre (DFCRC) to investigate potential applications for a central bank digital currency (CBDC).
Australia’s CBDC Efforts
On Aug 9, the Reserve Bank of Australia announced Expected to unfold over the next year, the initiative aims to develop a limited trial for a CBDC within a controlled environment, involving a genuine CBDC backing from the Reserve Bank.
In a document titled Australian CBDC Pilot for Digital Finance Innovation, published on August 23, the Reserve Bank remarked: “Considering the numerous unresolved issues, any decision regarding a CBDC in Australia will likely take several years.”
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In line with the Trust Project guidelines Cindy, a journalist at Metaverse Post, specializes in themes related to web3, NFTs, the metaverse, and AI, focusing on conducting interviews with industry leaders. She has engaged with over 30 high-level executives, sharing their valuable perspectives with her audience. Originally from Singapore, Cindy now resides in Tbilisi, Georgia, and holds a Bachelor’s degree in Communications & Media Studies from the University of South Australia, alongside a decade of journalism experience.
