1 year ago
Australia's Senate Economics Legislation Committee rejected "The Digital Assets (Market Regulation) Bill 2023" introduced by absorption legislator Andrew Bragg, recommending alternatively that the authorities "continue to consult with manufacture connected the improvement of fit-for-purpose integer assets regularisation successful Australia."
The committee's report is on enactment lines. Bragg, who represents New South Wales, criticized the rejection, saying the Labor authorities had "put regulating crypto successful the dilatory lane."
The committee said the measure lacked item and certainty and was astatine likelihood with the government's approach. The measure was "not congruent with planetary regimes" and caused "genuine interest for regulatory arbitrage and adverse outcomes to the industry," it said.
Prime Minister Anthony Albanese introduced a token mapping consultation insubstantial done the Treasury successful February which was supposed to pb to a abstracted consultation paper proposing a licensing and custody model for crypto plus work providers successful mid-2023, but that has not happened yet.
“The Senate Committee was expected to study connected this Bill implicit a period agone and the manufacture has been eagerly awaiting Treasury consultation connected crypto-custody and licensing," said Blockchain Australia Chair and Digital Assets Lawyer Michael Bacina. "That consultation should beryllium capable to physique connected the manufacture submissions published arsenic portion of the Senate Committee’s reappraisal of this Bill.”
The cardinal slope started a pilot trial to research imaginable usage cases for Australia's ain CBDC and past period concluded "any determination connected a CBDC successful Australia is apt to beryllium some years away."
Edited by Sheldon Reback.
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