{"id":83960,"date":"2023-09-04T17:28:33","date_gmt":"2023-09-04T14:28:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=83960"},"modified":"2025-09-12T14:23:54","modified_gmt":"2025-09-12T11:23:54","slug":"australian-senate-committee-rejects-crypto-bill-from-opposition-senator-andrew-bragg","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/australian-senate-committee-rejects-crypto-bill-from-opposition-senator-andrew-bragg\/","title":{"rendered":"Australian Senate committee rejects crypto bill from opposition senator Andrew Bragg"},"content":{"rendered":"<p>The Australian Senate Economics Legislation Committee rejected a bill regulating the cryptocurrency market, introduced by opposition Senator from New South Wales Andrew Bragg. <a href=\"https:\/\/www.coindesk.com\/policy\/2023\/09\/04\/australia-senate-committee-rejects-crypto-bill-from-opposition-senator-andrew-bragg\/\">CoinDesk<\/a> reports.<\/p>\n<p>According to the committee&#8217;s report, the document lacks detail and certainty. It also &#8220;does not align with the international regime&#8221; and raises &#8220;genuine concern about regulatory arbitrage and adverse effects on the market&#8221;.<\/p>\n<p>The committee recommended that the government &#8220;continue consultations with industry representatives on developing targeted regulation for digital assets in Australia&#8221;.<\/p>\n<p>Bragg said the decision would slow the development of the crypto industry in the country.<\/p>\n<p>In February, Australian Prime Minister Anthony Albanese presented to the Treasury a consultative document on the so-called &#8220;token mapping&#8221;, which mandated the disclosure of the technological characteristics of digital assets.<\/p>\n<p>Following its discussion, the Senate Committee was to develop a licensing and custody framework for cryptocurrency providers for <span data-descr=\"cryptocurrency service providers\" class=\"old_tooltip\">VASP<\/span>, but this has not yet happened.<\/p>\n<p>In July, the Reserve Bank of Australia completed a pilot test of the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\">CBDC<\/a>. However, based on its findings, the regulator concluded that for the full launch of the digital Australian dollar <a href=\"https:\/\/forklog.com\/en\/news\/rba-says-cbdc-launch-still-several-years-away\">will require several more years<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Australian Senate committee rejected a bill regulating the cryptocurrency market, introduced by opposition Senator Andrew Bragg.<\/p>\n","protected":false},"author":1,"featured_media":83961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[108,36],"class_list":["post-83960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-australia","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"7","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=83960"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83960\/revisions"}],"predecessor-version":[{"id":83962,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83960\/revisions\/83962"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/83961"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=83960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=83960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=83960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}