Australian investors will be left exposed to unregulated markets and investments will be driven away from the country if the Digital Assets (Market Regulation) Bill is rejected by parliament, the bill’s author Senator Andrew Bragg has warned.<\/p>\n
On Sept. 4, the Senate Committee on Economics Legislation recommended the Senate reject Bragg\u2019s bill and suggested the government instead continue to consult the industry on developing crypto regulation.<\/p>\n
The Committee\u2019s chair, Labor Party Senator Jess Walsh, wrote in a report that it recommended the bill not be passed as it \u201cfails to interoperate with the established regulatory landscape, creating a genuine concern for regulatory arbitrage and adverse outcomes to the industry.\u201d<\/p>\n
In emailed comments to Cointelegraph, Bragg criticized the committee\u2019s recommendation, saying it would \u201cexpose consumers to an unregulated market, and drive investment offshore.\u201d<\/p>\n
\u201cThe benefits of digital asset regulations are twofold: They protect consumers and promote market investment and activity. This was why these regulations were placed on the legislative agenda by the former Liberal government in October 2021.\u201d<\/p><\/blockquote>\n
Bragg perceived the rejection of his bill as largely motivated by partisanship due to the number of Labor Party members presiding on the Senate Committee. He slammed their decision to oppose his draft bill, claiming it \u201cstalled the implementation of digital asset regulations in Australia.\u201d <\/p>\n
\u201cAustralia would have a regulated digital assets market. Instead, it is close to the end of 2023, and the government has no plan to implement these regulations,\u201d Bragg said. <\/p>\n
While Bragg blamed partisan politics, Liam Hennessey, partner at international law firm Clyde & Co., told Cointelegraph the rejection had more to do with a separate regulatory process \u2014 specifically the Treasury\u2019s consultation paper on the government’s \u201ctoken mapping\u201d exercise. <\/p>\n
Hennessey said the recommended rejection of Bragg\u2019s draft bill was \u201cneither good nor bad\u201d for crypto regulation in Australia.<\/p>\n
\u201cThere\u2019s no doubt that Senator Bragg\u2019s bill and the consideration and industry feedback it has received will be considered,\u201c he said. \u201cThe Senate is congested with legislation more broadly at present, so I do not think the delay is something that can be read into too much.\u201d<\/p>\n
\u201cI think [Bragg\u2019s] bill, and the work that went into it, will be valuable in informing the government’s approach,\u201d Hennessey concluded.<\/p>\n
Last August the Labor government announced its token mapping exercise, which used the Treasury to \u201cidentify how crypto assets and related services should be regulated\u201d and inform future regulatory decisions.<\/p>\n
Related: <\/em><\/strong>Binance Australia GM \u2018really confident\u2019 regulators will side with crypto<\/em><\/strong><\/p>\nOn Feb. 3, the Treasury released a public consultation paper on the exercise, announcing it as a foundational step in the government\u2019s plan to regulate the digital asset market.<\/p>\n
Since then, there\u2019s been little mention of digital assets or the broader approach to regulating them from the government.<\/p>\n
Bragg first introduced the Digital Assets (Market Regulation) Bill 2023 in March with the aim to \u201cprotect consumers and promote investors.\u201d<\/p>\n
The bill provides recommendations for regulating stablecoins, licensing exchanges and custody requirements.<\/p>\n
The bill is before the Senate and is expected to be voted on during the next sitting session.<\/p>\n
Magazine: <\/em><\/strong>Recursive inscriptions \u2014 Bitcoin \u2018supercomputer\u2019 and BTC DeFi coming soon<\/em><\/strong><\/p>\nAdditional reporting by Helen Partz. <\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Australian investors will be left exposed to unregulated markets and investments will be driven away…<\/p>\n","protected":false},"author":4,"featured_media":193346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
Rejection of crypto bill exposes Aussies to \u2018unregulated market\u2019 \u2014 Senator Bragg - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/rejection-of-crypto-bill-exposes-aussies-to-unregulated-market-senator-bragg\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rejection of crypto bill exposes Aussies to \u2018unregulated market\u2019 \u2014 Senator Bragg - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"Australian investors will be left exposed to unregulated markets and investments will be driven away...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tokenstalk.info\/crypto\/rejection-of-crypto-bill-exposes-aussies-to-unregulated-market-senator-bragg\/\" \/>\n<meta property=\"og:site_name\" content=\"Tokens Talk\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-07T07:39:12+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tokenstalk.info\/wp-content\/uploads\/2023\/09\/Rejection-of-crypto-bill-exposes-Aussies-to-\u2018unregulated-market-\u2014-Senator-Bragg.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tokenstalk.info\/crypto\/rejection-of-crypto-bill-exposes-aussies-to-unregulated-market-senator-bragg\/\",\"url\":\"https:\/\/tokenstalk.info\/crypto\/rejection-of-crypto-bill-exposes-aussies-to-unregulated-market-senator-bragg\/\",\"name\":\"Rejection of crypto bill exposes Aussies to \u2018unregulated market\u2019 \u2014 Senator Bragg - Tokens Talk\",\"isPartOf\":{\"@id\":\"https:\/\/tokenstalk.info\/#website\"},\"datePublished\":\"2023-09-07T07:39:12+00:00\",\"dateModified\":\"2023-09-07T07:39:12+00:00\",\"author\":{\"@id\":\"https:\/\/tokenstalk.info\/#\/schema\/person\/6f5c93d641f4dc4ea25a3807d041e4ab\"},\"breadcrumb\":{\"@id\":\"https:\/\/tokenstalk.info\/crypto\/rejection-of-crypto-bill-exposes-aussies-to-unregulated-market-senator-bragg\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/tokenstalk.info\/crypto\/rejection-of-crypto-bill-exposes-aussies-to-unregulated-market-senator-bragg\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/tokenstalk.info\/crypto\/rejection-of-crypto-bill-exposes-aussies-to-unregulated-market-senator-bragg\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/tokenstalk.info\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Rejection of crypto bill exposes Aussies to \u2018unregulated market\u2019 \u2014 Senator Bragg\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/tokenstalk.info\/#website\",\"url\":\"https:\/\/tokenstalk.info\/\",\"name\":\"Tokens Talk\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/tokenstalk.info\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/tokenstalk.info\/#\/schema\/person\/6f5c93d641f4dc4ea25a3807d041e4ab\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/tokenstalk.info\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Rejection of crypto bill exposes Aussies to \u2018unregulated market\u2019 \u2014 Senator Bragg - Tokens Talk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/tokenstalk.info\/crypto\/rejection-of-crypto-bill-exposes-aussies-to-unregulated-market-senator-bragg\/","og_locale":"en_US","og_type":"article","og_title":"Rejection of crypto bill exposes Aussies to \u2018unregulated market\u2019 \u2014 Senator Bragg - Tokens Talk","og_description":"Australian investors will be left exposed to unregulated markets and investments will be driven away...","og_url":"https:\/\/tokenstalk.info\/crypto\/rejection-of-crypto-bill-exposes-aussies-to-unregulated-market-senator-bragg\/","og_site_name":"Tokens Talk","article_published_time":"2023-09-07T07:39:12+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/tokenstalk.info\/wp-content\/uploads\/2023\/09\/Rejection-of-crypto-bill-exposes-Aussies-to-\u2018unregulated-market-\u2014-Senator-Bragg.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/tokenstalk.info\/crypto\/rejection-of-crypto-bill-exposes-aussies-to-unregulated-market-senator-bragg\/","url":"https:\/\/tokenstalk.info\/crypto\/rejection-of-crypto-bill-exposes-aussies-to-unregulated-market-senator-bragg\/","name":"Rejection of crypto bill exposes Aussies to \u2018unregulated market\u2019 \u2014 Senator Bragg - Tokens Talk","isPartOf":{"@id":"https:\/\/tokenstalk.info\/#website"},"datePublished":"2023-09-07T07:39:12+00:00","dateModified":"2023-09-07T07:39:12+00:00","author":{"@id":"https:\/\/tokenstalk.info\/#\/schema\/person\/6f5c93d641f4dc4ea25a3807d041e4ab"},"breadcrumb":{"@id":"https:\/\/tokenstalk.info\/crypto\/rejection-of-crypto-bill-exposes-aussies-to-unregulated-market-senator-bragg\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/tokenstalk.info\/crypto\/rejection-of-crypto-bill-exposes-aussies-to-unregulated-market-senator-bragg\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/tokenstalk.info\/crypto\/rejection-of-crypto-bill-exposes-aussies-to-unregulated-market-senator-bragg\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/tokenstalk.info\/"},{"@type":"ListItem","position":2,"name":"Rejection of crypto bill exposes Aussies to \u2018unregulated market\u2019 \u2014 Senator Bragg"}]},{"@type":"WebSite","@id":"https:\/\/tokenstalk.info\/#website","url":"https:\/\/tokenstalk.info\/","name":"Tokens Talk","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/tokenstalk.info\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/tokenstalk.info\/#\/schema\/person\/6f5c93d641f4dc4ea25a3807d041e4ab","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/tokenstalk.info\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/posts\/193347"}],"collection":[{"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/comments?post=193347"}],"version-history":[{"count":0,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/posts\/193347\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/media\/193346"}],"wp:attachment":[{"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/media?parent=193347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/categories?post=193347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/tags?post=193347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}