Australian investors will be left exposed to unregulated markets and investments will be driven away from the country if the Digital Assets Bill is rejected by parliament, the bill's author Senator Andrew Bragg has warned.and suggested the government instead continue to consult the industry on developing crypto regulation.
“The benefits of digital asset regulations are twofold: They protect consumers and promote market investment and activity. This was why these regulations were placed on the legislative agenda by the former Liberal government in October 2021.” “Australia would have a regulated digital assets market. Instead, it is close to the end of 2023, and the government has no plan to implement these regulations,” Bragg said.
Hennessey said the recommended rejection of Bragg’s draft bill was “neither good nor bad” for crypto regulation in Australia.