{"id":149576,"date":"2023-09-04T21:03:13","date_gmt":"2023-09-04T15:33:13","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=149576"},"modified":"2023-09-04T21:03:13","modified_gmt":"2023-09-04T15:33:13","slug":"australian-lawmakers-send-back-crypto-bill-by-andrew-bragg-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/australian-lawmakers-send-back-crypto-bill-by-andrew-bragg-crypto-news\/","title":{"rendered":"Australian lawmakers send back crypto bill by Andrew Bragg – Crypto News"},"content":{"rendered":"
\n

Australia\u2019s Senate Committee on Economics Legislation has finally provided feedback to the cryptocurrency bill introduced by senator Andrew Bragg.<\/p>\n

The committee on Sept. 4 reported<\/a> on the draft bill referred to as \u201cThe Digital Assets (Market Regulation) Bill 2023,\u201d asking the bill authors to add some amendments.<\/p>\n

The Senate particularly concluded that it would pass the bill with minor amendments such as removing the term nonfungible tokens (NFTs) from the definition of regulated digital assets.<\/p>\n

Among other recommendations, the lawmakers asked the bill authors to exclude certain asset-based tokens \u2014 such as the Gold and Silver Standard and the BetaCarbon Token \u2014 from the definition of stablecoin. The Senate also asked to extend the transition period from three to nine months.<\/p>\n

In the report, the Senate also urged the Board of Taxation to review the tax treatment of digital assets and transactions in Australia with a target to introduce legislation in early 2024.<\/p>\n

The government should implement in full the recommendations of the Council of Financial Regulators for potential policy responses to debanking in Australia, the lawmakers added. The Australian Department of the Treasury previously admitted that the growing trend of banks cutting services to cryptocurrency firms could lead to unwanted consequences like driving the industry underground<\/a>.<\/p>\n

Related: <\/em><\/strong>Binance Australia GM \u2018really confident\u2019 regulators will side with crypto<\/em><\/strong><\/a><\/p>\n

\u201cThe committee inquiry has demonstrated that the government\u2019s approach to digital asset regulation is hurting Australian consumers and investment,\u201d the document reads. According to the Senate, the bill by senator Bragg is the \u201cfirst serious step towards implementing a comprehensive digital asset regulatory framework,\u201d adding:<\/p>\n

\u201cThe government has junked the ambitious crypto agenda of the former liberal government, and Australians will pay the price.\u201d<\/p><\/blockquote>\n

Senator Bragg introduced<\/a> the \u201cDigital Assets (Market Regulation) Bill 2023\u201d in March, aiming to \u201cprotect consumers and promote investors.\u201d The draft bill provides regulatory recommendations for stablecoins, licensing of exchanges and custody requirements.<\/p>\n

The latest report by the Senate Committee came a while after it was originally expected. The committee initially planned to provide a report on the bill by Aug. 2, but sought an extension of the reporting date to Aug. 16. The deadline was subsequently extended to Aug. 25 and then to Sept. 4.<\/p>\n

Magazine: <\/em><\/strong>Asia Express: Thailand\u2019s national airdrop, Delio users screwed, Vietnam top crypto country<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Australia\u2019s Senate Committee on Economics Legislation has finally provided feedback to the cryptocurrency bill introduced by senator Andrew Bragg. The committee on Sept. 4 reported on the draft bill referred to as \u201cThe Digital Assets (Market Regulation) Bill 2023,\u201d asking the bill authors to add some amendments. The Senate particularly concluded that it would pass […]<\/p>\n","protected":false},"author":2,"featured_media":149577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-149576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=149576"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149576\/revisions"}],"predecessor-version":[{"id":149579,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149576\/revisions\/149579"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/149577"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=149576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=149576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=149576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}