The Australian Senate Economic Law Committee has rejected a bill to regulate the cryptocurrency market, introduced by opposition NSW Senator Andrew Bragg. It is reported by CoinDesk.
According to the conclusion, the document lacks detail and certainty. In addition, it is “not in line with the international regime” and raises “genuine concerns about regulatory arbitrage and adverse market impacts.”
The committee recommended that the government “continue consultations with industry representatives on the development of targeted digital asset regulation in Australia.”
According to Bragg, such a decision will slow down the development of the crypto industry in the country.
In February, Australian Prime Minister Anthony Albanese submitted to the Treasury an advisory paper on what it called “token matching,” which mandated the disclosure of the technological characteristics of digital assets.
After its discussion, the Senate Committee should be to develop a licensing and custody structure for cryptocurrencies for VASPbut this has not yet happened.
Recall that in July, the Central Bank of Australia completed pilot testing of CBDC. However, according to its results, the regulator came to the conclusion that it would take “a few more years” for the full launch of the digital Australian dollar.
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