Australian senator proposes crypto bill to expedite regulation of the sector.
A new bill has been introduced to the Australian Parliament proposing regulations for providing cryptocurrency services in the country.
Proposed regulatory changes are typically introduced by Australian ministers. However, as the Parliamentary Education Office, members of parliament can introduce private members’ or private senators’ bills, which can take months or years to pass through parliament. The senator also added that Australian consumers had been left exposed to industry-wide events like the collapse of FTX by the inaction of the Australian government to provide regulatory clarity to the sector.
The act aims to provide a regulatory framework for cryptocurrency exchanges, custody services and stablecoin issuers, which both protects consumers and promotes investment.
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