Australian Senator Andrew Bragg introduced a new digital assets bill on market regulation in 2023 in the Australian Senate on Wednesday.
The law will help and improve the cryptocurrency exchange mechanism and improve crypto adoption in the country.
The move comes as cryptocurrency exchanges such as Coinbase and Binance face a regulatory crackdown in the US and are considering moving abroad.
Australia proceeds to regulate the crypto market:
Senator Andrew Bragg revealed in his tweet on March 29 that he introduced a bill regulating digital assets in the Australian Senate.
Bragg believes that the current government has failed to regulate cryptocurrency in Australia, and Parliament should intervene to protect Australians and promote investment in the growing cryptocurrency market.
According to the bill, the unregulated crypto market poses risks to investors like those seen during the FTX crash.
The motive behind the senator’s private bill is to get Australia back in the regulatory race, protect consumers and encourage investment.
The Cryptocurrency Regulatory Act guarantees licensing of cryptocurrency exchanges, custody requirements, and stablecoins.
The senator proposing the bill asserts that if passed, it would enable Australia to become a hub for cryptocurrency.