Australian senator pushes for new crypto regulation

Senator Andrew Bragg is hoping to beat current legislative efforts to the punch and bring crypto laws around sooner.

Senator Andrew Bragg is hoping that a bill he has introduced to the Australian Parliament may serve as the basis of regulation for the cryptocurrency industry in the country.

This includes all services related to the industry in the hope of bringing regulatory clarity that protects consumers and businesses in equal measure.

As the bill puts it, the proposal seeks to “promote investors” while ensuring that consumers interact with such products safely.

Australia has been targeted by various crypto scams and bad actors over the past few years, with authorities moving slowly to offer detailed regulation of the sector that would clearly delineate between licensed and unlicensed entities.

Part of this fear has to do with the fact that crypto is too new and regulators were not willing to set conditions that could backfire later.

Now, the political will for change, especially following the collapse of Terraform Labs and FTX, has grown.

The pitch made by Bragg, Digital Assets (Market Regulation) Bill 2023, is a private project, which is ambitious given the legal grounds for passing such an initiative.

While regular bills – those that are backed by parties and multiple legislators – are usually passed within a legislative session, private bills could take years to gain any significant momentum in Parliament.

Bragg’s bid to offer a quick regulatory framework for the industry is likely to hit a snag as well. However, the senator insists that his bill is the result of the current Labor government failing to follow the 12 recommendations issued by the Senate Select Committee on Australia, prompting him to take matters into his own hands.

“Australia can be a digital asset hub whilst protecting digital asset consumers. But we must act now”, the senator assured.

The bill details how crypto regulation will happen, with both people and businesses requiring a license should the bill clear the parliament.

The regulation will fall in the remit of the Australian Securities and Investments Commission.

Australia already revealed plans in 2022 to tighten rules around crypto this year, ensuring that consumers remain safeguarded against fraud and bad overseas actors.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

Similar News

Gemini sets up shop in Ireland


Bankrupt crypto lending firm Celsius has picked Fahrenheit’s proposal to manage a new entity to be owned by its creditors,...

Links between China chemical firms and crypto revealed


China-based chemical firms have been suspected of supplying fentanyl to drug cartels overseas in exchange for cryptocurrencies. Blockchain research firms...

Evil Geniuses partners with Thunderpick crypto casino


Esports organization Evil Geniuses has joined with the cryptocurrency betting platform Thunderpick. The partnership will see Thunderpick become Evil Geniuses's...