Australian Parliament Introduces Bill to Regulate Crypto Market

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.

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.

All trademarks, logos, and images displayed on this site belong to their respective owners and have been utilized under the Fair Use Act. The materials on this site should not be interpreted as financial advice. When we incorporate content from other sites, we ensure each author receives proper attribution by providing a link to the original content. This site might maintain financial affiliations with a selection of the brands and firms mentioned herein. As a result, we may receive compensation if our readers opt to click on these links within our content and subsequently register for the products or services on offer. However, we neither represent nor endorse these services, brands, or companies. Therefore, any disputes that may arise with the mentioned brands or companies need to be directly addressed with the respective parties involved. We urge our readers to exercise their own judgement when clicking on links within our content and ultimately signing up for any products or services. The responsibility lies solely with them. Please read our full disclaimer and terms of use policy here.

Leave a Reply

Your email address will not be published. Required fields are marked *