Digital Assets (Market Regulation) Bill Faces Rejection in Australia, Raising Concerns of Unregulated Markets and Investor Exodus
Summary:
Australian investors may be exposed to unregulated markets if the Digital Assets (Market Regulation) Bill is rejected by parliament, warns Senator Andrew Bragg. The Senate Committee on Economics Legislation has recommended rejecting the bill, citing concerns about regulatory landscape and industry outcomes. Bragg claims partisan politics have delayed the implementation of digital asset regulations, while experts suggest the rejection is linked to a separate regulatory process. The bill aims to protect consumers and promote investment. Its fate will be decided in the next session.
Australian investors face the risk of exposure to unregulated markets if the Digital Assets (Market Regulation) Bill is not approved by parliament, according to Senator Andrew Bragg, who authored the bill. The Senate Committee on Economics Legislation recently recommended rejecting the bill and instead continuing consultation on crypto regulation. Bragg criticized the committee's recommendation, warning that it could drive investment away from the country and leave consumers unprotected. He also accused partisan politics of stalling the implementation of digital asset regulations in Australia. However, Liam Hennessey, a partner at Clyde & Co., believes the rejection is more related to a separate regulatory process. Last August, the Labor government initiated the token mapping exercise to inform future regulatory decisions. The Treasury released a public consultation paper on the exercise in February, but there has been little progress since then. Bragg's bill, which aims to protect consumers and promote investors, is currently before the Senate and is expected to be voted on in the next session.
Published At
9/7/2023 5:49:15 AM
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