The committee spoke out against the “Digital Assets Bill 2023” proposed in March by Senator Andrew Bragg. The bill aims to protect consumers and contains regulatory recommendations regarding stablecoins, licensing of crypto exchanges, and storage requirements for digital assets.
The committee urged the Australian Senate not to approve this initiative, but to study the regulation of cryptocurrencies in the country in more detail. The Committee advised the authors of the initiative to exclude from the concept of “stablecoin” certain tokens of the “gold and silver standard”, as well as the BetaCarbon token. In addition, legislators demanded to extend the consideration of the bill from three to nine months.
However, Bragg tried to convince the Senate to pass the bill with minor amendments. The politician proposed to exclude non-fungible tokens (NFTs) from the definition of regulated digital assets. Senators Bragg and Dean Smith also saw fit for the tax authorities to review the tax regime for digital assets. This will “pave the way” for the adoption of legislation on cryptocurrencies, which could be regulated as early as the beginning of 2024.
Last year, Bragg called the digital yuan a threat to the Australian financial system, and this, according to the politician, is another reason to accelerate the regulation of stablecoins in the country.
Source: Bits
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