Australian Senate Committee calls for new rules for Crypto

October 21, 2021

The committee on “Australia as a Technology and Financial Centre,” which submitted its initial report on the topic last November and a second in April this year, presented its third and final report. The document outlines problems identified by leading industry participants and includes 12 recommendations to address the lack of crypto and blockchain regulations in the country.
Sen. Andrew Bragg, the committee’s chairman, said Australia can be competitive in crypto. “Australia can be a leader in digital assets,” he said. “This means Australians can access new choices and lower prices. It means Australians can have more control of their financial destiny rather than being dependent on endless intermediation.”
The committee recommended implementing a new licensing regime for crypto exchanges and establishing a custody or depository regulatory framework for digital assets. The committee also recommended that the Australian government set up rules for companies that have the new decentralized autonomous organization (DAO) structure. The committee is recommending the country’s Treasury lead a “policy review” of the viability of a retail central bank digital currency in the country in order to curb reliance on the private banking sector. The recommendations now go to the Senate, where they will be debated until it drafts a bill. The Senate and the House of Representatives would then vote on the bill.
To view the full list of the committee’s recommendations, see here.
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