U.Today - A Senate committee in Australia a bill aimed at regulating cryptocurrency exchanges, citing concerns over the operation of the proposed reforms.
The committee acknowledged the need for regulation, but it found the bill lacking in detail and poorly integrated with existing regulatory frameworks.
The now-rejected bill by Australian opposition Senator Andrew Bragg in late March.
Aimed at establishing a licensing system for exchanges, it outlines requirements such as minimum capital, governance procedures and customer fund segregation.
Bragg argued that Australia's regulatory approach to crypto has been slow and needs to be accelerated to the industry, which is currently suffering from a bear market and low investment due to regulatory uncertainties.
The bill also plans to specify the rules around issuing stablecoins and custody services.In released after the rejection of his bill, Bragg criticized the Labor government for abandoning the previous legislative agenda on crypto regulation. He argued that digital assets could disrupt traditional financial services and benefit consumers if properly regulated.
Bragg warned that the government's failure to act has left consumers vulnerable to the risks of an unregulated market and driven investment offshore.
He also emphasized that an Australian crypto bill is viable and urged the Senate to debate and pass his bill, stating that waiting for the government to act is not an option.