Senator Andrew Bragg has presented a private bill in Australia suggesting regulations for the cryptocurrency industry. The Digital Assets (Market Regulation) Bill 2023 aims to establish three licensing permits for exchanges, custody, and stablecoin issuance to safeguard consumers and encourage investors.
In March 2023, documents were released under freedom of information laws, indicating that the Treasury’s consultation with Australian crypto firms and development of new legislation is planned to continue until 2024. In response, Bragg expressed concern that the legislative process was moving too slowly, stating that businesses cannot afford to wait. To address this issue, the proposed bill aims to streamline the process and offer clearer regulatory guidance for Australian crypto companies.
In addition to empowering the Australian Securities & Investments Commission (ASIC) with the necessary monitoring and investigation powers to enforce the requirements, the bill provides for civil and criminal penalties to deter misconduct.