To regulate the crypto market in Australia, Australian Senator Andrew Bragg has introduced the Digital Assets (Market Regulation) Bill 2023.
The bill will help crypto-resource trades apply for licenses and increment crypto reception in the country.
The move comes when digital money trades, for example, Coinbase AndBinanceorganizational crusade in the US, and is thinking about moving to another country.
The Digital Assets (Market Regulation) Bill has been introduced to the Australian Senate, as revealed by Senator Andrew Bragg in a tweet on March 29. Australia is beginning to regulate the crypto market.
Prague Bragg believes that the current government in Australia failed to regulate digital assets and that Parliament intervened to protect Australians and encourage investment in the expanding market for digital assets.
On the other hand, the bill says that the crypto market is unregulated and can put investors at risk, just like the stock market crash did. The FTX
The Digital Assets Act 2023) bill's goal is to restore Australia's position in the regulatory race, safeguard consumers, and encourage investment.
Notably, the Cryptocurrency Regulatory Act confirms Prague Bragg and ensures that cryptocurrency exchanges will be licensed, that stablecoin storage requirements will be met, and that Australia will be able to become a hub for cryptocurrencies.
Additionally, the Australian senator criticized the US regulations, stating:
"Rather than sorting out through secrecy which is what the US is by all accounts doing, we believe should do it directly through Parliament."
In turn, crypto societies supported the action taken by Australian lawmakers, including Blockchain Australia.
In the midst of the expanding use of cryptocurrencies in Australia, the proposed cryptocurrency regulation bill follows one that was proposed by senator Prague Bragg last year.
Due to macro events and market volatility, the cryptocurrency market has recently rebounded, with the price of Bitcoin rising by more than 6% to over $28,500 and other cryptocurrencies also rising.
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