The Australian Senate’s Economic Legislation Committee has recently rejected a Bill aimed at regulating crypto trading platforms in the country. According to a report from InnovationAus.com, the committee’s decision was based on concerns about the lack of cohesive implementation plans. While the objectives of protecting investors from scams were acknowledged, there was a division among submitters regarding the need for a separate legislative framework for digital assets. Key stakeholders, including FinTech Australia, also expressed reservations about the lack of detail and certainty in the bill, which could lead to regulatory arbitrage and negative outcomes for the industry. The bill’s proponents, including Senator Andrew Bragg, are disappointed with the rejection but the consultation process will be restarted. This development comes at a time when global crypto regulations are evolving, with different countries taking varied approaches. The European Union has introduced the Markets in Crypto Assets (MiCA) regulation, while the United States Securities and Exchange Commission (SEC) is considering approving its first spot Bitcoin Exchange Traded Fund (ETF) product.
Breaking News: Australian Senate Opposes Crypto Bill
The Australian Senate committee has recently dismissed the crypto Bill due to concerns regarding its poorly defined implementation strategies.