The post Australian Senate Rejects Proposed Bill for Digital Asset Regulation! appeared first on Coinpedia Fintech News

The Australian Senate has rejected a proposed bill, the “Digital Assets (Market Regulation) Bill 2023” that aimed to create a regulatory framework for digital assets. The Senate Economics Legislation Committee cited a lack of detail and potential conflicts with the government’s existing approach. The bill introduced by Senator Andrew Bragg sought to establish licensing rules and custody requirements for crypto service providers in Australia, but the committee report argued it was incongruent with international standards and could enable regulatory arbitrage. Prime Minister Anthony Albanese had already initiated a separate consultation process on crypto regulations.