Senator Andrew Bragg brought forth a private bill in the Australian parliament that was linked to crypto regulations in the country.
Recently after crypto regulation was much talked about by regulators in Australia, a private bill was introduced by Senator Andrew Bragg in the Australian parliament. Titled Digital Assets (Market Regulation) Bill 2023, the bill would aim to start regulation for all aspects of the crypto industry, including stablecoins, exchange listing, and requirements of custody.
The introduction of the private bill was slightly different from usual practice since only Australian ministers had the first say in regulatory changes. But, the move was completely legal since other members of the Australian parliament could also bring forward their own bills, called private members’ or private senators’ bills. But, it is doubtful how long the recent private bill could take to get passed in the Australian parliament if it ever does.
“Australia can be a digital asset hub whilst protecting digital asset consumers. But we must act now,” said Senator Bragg, and added that the Australian government had been unable to protect their citizens from the effects of the recent collapses in the crypto industry. He also stated that the Labor government for not implementing the twelve recommendations on crypto regulation, which were directed in October 2021 by the Senate Select Committee on Australia as a Technology and Financial Centre.
The main features of the private bill include requiring a person or a company to obtain licenses from the Australian Securities and Investments Commission to run a crypto exchange in Australia. The same requirements would also apply to stablecoin issuers and crypto custody services. The bill also lists requirements and compliances under audits, reserves, customer funds, and disclosures.