Australian Senator Pushes for Urgent Crypto Regulation
Australian Senator Andrew Bragg introduced a bill proposing a licensing system for cryptocurrency exchanges in the country. The Digital Assets (Market Regulation) Bill 2023 aims to expedite the regulation of digital assets, addressing concerns about the slow progress in Australia compared to global counterparts.
Australian Senator Bragg stated on his website that Australia is losing the race to regulate digital assets, and the bill aims to put the country back into contention.
The Digital Assets Bill includes provisions for licensing exchanges, custody requirements, and stablecoins, focusing on consumer protection and investment promotion. It addresses concerns raised by the collapse of FTX and aims to prevent similar incidents in the unregulated market.
The full text of the Bill is available here.
Recent legal actions against Binance and Coinbase in the US have prompted the need for swift regulatory measures. The proposed bill intends to regulate the crypto industry through parliamentary processes rather than stealth, as seen in the US.
Senator Bragg expressed disappointment in the slow progress of the government’s token mapping consultation program, which could delay regulatory development until 2024, as revealed through Freedom of Information documents.
The bill outlines minimum capital requirements, governance procedures, segregation of customer funds, and security measures to ensure proper regulation of cryptocurrency in Australia.
Conclusion:
Senator Andrew Bragg’s push for the Digital Assets (Market Regulation) Bill 2023 signals a critical moment for the future of cryptocurrency in Australia. With rising global scrutiny and the collapse of major exchanges like FTX, it’s clear that proper regulation is no longer optional — it’s essential. For those involved in bitcoin mining Australia, this proposed legislation could offer the regulatory clarity needed to foster confidence and attract further investment into the space.
As the bill introduces stricter standards for exchanges, custody, and capital requirements, it simultaneously opens up a more secure and transparent environment for miners, especially those operating with ASIC mining equipment or relying on miner hosting services. The emphasis on consumer protection and operational integrity is a welcome step for both retail and institutional players, ensuring the crypto mining sector is built on a foundation of trust and resilience.
If you’re navigating this evolving landscape and wondering how these regulatory changes might impact your mining strategy or investment approach, now is the time to act. Book your free 30-minute consultation with Mining Store — Australia’s trusted crypto mining partner. Our experts can help you decode the implications of the bill, optimise your mining setup, and stay ahead of industry shifts. Whether you’re scaling up your ASIC mining operation or exploring miner hosting options, we’ll provide personalised guidance backed by market insights and a strong community network.
Book your free consultation now and take the first step towards mining smarter in a regulated, thriving Australian crypto ecosystem.
