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Australian Senator Andrew Bragg has launched a brand new Digital Assets (Market Regulation) Bill 2023 within the Australian Senate on Wednesday to manage the crypto market within the nation. It will assist crypto asset exchanges apply for licenses and improve crypto adoption within the nation.

The transfer comes at a time when crypto exchanges corresponding to Coinbase and Binance face a regulatory crackdown within the U.S. and considering of shifting offshore.

Australia Proceeds To Regulate Crypto Market

Senator Andrew Bragg in a tweet on March 29 revealed that he has launched the Digital Assets (Market Regulation) Bill within the Australian Senate. Bragg believes the present authorities has failed to regulate digital assets in Australia and the Parliament has stepped in to guard Australians and promote funding within the rising digital asset market.

I’ve now launched the Digital Assets (Market Regulation) Bill within the @AuSenate.

Link to the invoice and explanatory assertion is enclosed.https://t.co/pkjuNfvE0G

— Senator Andrew Bragg (@ajamesbragg) March 29, 2023

According to the invoice, an unregulated crypto market poses dangers to buyers corresponding to seen through the FTX collapse. The motivation behind Private Senator’s Bill, the Digital Assets (Market Regulation) Bill 2023, is to “put Australia back into the regulation race, protect consumers, and promote investment.”

The crypto regulation invoice ensures licensing for crypto exchanges, custody necessities, and stablecoins. Andrew Bragg asserts that if the invoice is handed, it’ll allow Australia to change into a crypto hub.

Australian Senator criticizes the regulation by enforcement by U.S. regulators, saying “rather than regulate through stealth which is what seems like the US is doing, we want to do it properly through the parliament.” The invoice gives for minimal capital necessities, acceptable governance procedures, segregation of consumers funds, and safety necessities.

Crypto associations together with Blockchain Australia supported the transfer by Australian lawmakers. The proposed crypto regulatory invoice adopted a draft invoice proposed by Senator Bragg final yr amid the rising crypto adoption in Australia.

The crypto market rebounded, with Bitcoin price hovering over 6% to over $28,500. Other cryptocurrencies additionally jumped larger on macro occasions and uncertainties out there.

Also Read: Bitcoin Price Reclaims $28,500 Amid Binance FUD, Here’s Why

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his information about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency business for a considerable interval and is at present overlaying all the most recent updates and developments within the crypto business.

The offered content material could embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability to your private monetary loss.