The bill regarding Australia’s regulation of the digital asset market, introduced in March 2023, had faced various reporting delays in the Senate. Today, according to a report by Cointelegraph, it has been announced that the bill has been sent back for changes. The Australian Senate Economics Legislation Committee provided feedback on the cryptocurrency bill presented by Senator Andrew Bragg.
Full Compliance with Financial Regulators is Necessary
The bill, titled “Digital Assets (Market Regulation) Bill 2023,” received recommendations from the committee to make specific additions and modifications to the bill prepared. Additionally, the bill emphasizes that the Australian government should fully adhere to the recommendations of the Council of Financial Regulators regarding potential policy responses to banking transactions.
“The bill presented by Senator Andrew Bragg is the first significant step towards implementing a comprehensive digital asset regulatory framework.”Senate Members
Finally, the overall purpose of this bill is to regulate and oversee the digital asset market in Australia, ensuring the safety of investors and users, maintaining financial stability, and preventing illicit activities.