Australian Senate committee rejects crypto bill from opposition senator Andrew Bragg

The Australian Senate Economics Legislation Committee rejected a bill regulating the cryptocurrency market, introduced by opposition Senator from New South Wales Andrew Bragg. CoinDesk reports.

According to the committee’s report, the document lacks detail and certainty. It also “does not align with the international regime” and raises “genuine concern about regulatory arbitrage and adverse effects on the market”.

The committee recommended that the government “continue consultations with industry representatives on developing targeted regulation for digital assets in Australia”.

Bragg said the decision would slow the development of the crypto industry in the country.

In February, Australian Prime Minister Anthony Albanese presented to the Treasury a consultative document on the so-called “token mapping”, which mandated the disclosure of the technological characteristics of digital assets.

Following its discussion, the Senate Committee was to develop a licensing and custody framework for cryptocurrency providers for VASP, but this has not yet happened.

In July, the Reserve Bank of Australia completed a pilot test of the CBDC. However, based on its findings, the regulator concluded that for the full launch of the digital Australian dollar will require several more years.