Australia has introduced a bill to enable to government regulate the crypto market in the country. The bill Introduced by Senator Andrew Bragg on Wednesday 29 March is called the Digital Assets (Market Regulation) Bill 2023.
It is primarily meant to make applying for crypto licenses easier in the country, thus encouraging crypto adoption.
Poor Crypto Regulation in Australia
Senator Bragg in a tweet on 29 March stated that he had introduced the Digital Assets (Market Regulation) Bill 2023 to correct what he considers to be failure of the country to regulate digital assets.
I have now introduced the Digital Assets (Market Regulation) Bill in the @AuSenate.
Link to the bill and explanatory statement is enclosed.https://t.co/pkjuNfvE0G
— Senator Andrew Bragg (@ajamesbragg) March 29, 2023
He believes the bill will promote investing in the fast-growing crypto industry and endure that Australians are protected from the risks inherent in it. The bill is taking a cue from the collapse of FTX which shows what can happen without proper regulation.
Among other things if passed, the bill will ensure licensing for crypto exchanges, custody requirements, and stablecoins, which Bragg believes will turn Australia into a crypto hub.
Australia Joins Hong Kong in Welcoming Crypto
With this bill, Australia becomes the latest country to give attention to clear regulatory guidelines for crypto and making the environment conducive for crypto startups. Hong Kong recently became a hub for the industry following a bill it introduced to regulate the industry.
As a result, over 80 crypto companies have indicated interest in either moving their headquarters to the region, or opening branches there. Top among these companies are OKX, Huobi, and crypto-friendly SEBA Bank.
If the bill is passed, Australia could see influx of crypto startups in coming months, just like Hong Kong.