Gold

Standard

BetaCarbon

<p class="is-style-lead">Australia’s Senate Committee on Economics Legislation has concluded its review of the “Digital Assets (Market Regulation) Bill 2023,” initially introduced by Senator Andrew Bragg. </p> 
<p>The <a href="https://parlinfo.aph.gov.au/parlInfo/download/committees/reportsen/RB000116/toc_pdf/DigitalAssets(MarketRegulation)Bill2023.pdf" data-type="link" data-id="https://parlinfo.aph.gov.au/parlInfo/download/committees/reportsen/RB000116/toc_pdf/DigitalAssets(MarketRegulation)Bill2023.pdf" target="_blank" rel="noopener">committee’s report</a>, released on Sep. 4, calls for certain amendments to the draft bill, marking a cautious yet essential step toward the comprehensive regulation of digital assets in Australia.</p> 
<p>One notable amendment pertains to the definition of regulated digital assets. </p> 
<p>The committee recommended the removal of non-fungible tokens (<a href="https://nft.news/?utm_source=crypto.news&amp;utm_medium=referral" data-type="link" data-id="https://nft.news/?utm_source=crypto.news&amp;utm_medium=referral">NFTs</a>) from this category. This is a crucial clarification as NFTs, which have unique attributes, differ fundamentally from cryptocurrencies like Bitcoin(<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">BTC</a>) and Ethereum(<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/">ETH</a>).</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The <a href="https://twitter.com/AuSenate?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@AuSenate</a> report on my digital asset market regulation bill has just been tabled. Statement &amp; report 👇<a href="https://t.co/YVq4md3bDX" target="_blank">https://t.co/YVq4md3bDX</a> <a href="https://t.co/LGGaNK8fzH" target="_blank">pic.twitter.com/LGGaNK8fzH</a></p>— Senator Andrew Bragg (@ajamesbragg) <a href="https://twitter.com/ajamesbragg/status/1698628995166978153?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">September 4, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The committee also advised on the classification of stablecoins, suggesting that asset-based tokens such as the Gold and Silver Standard and the BetaCarbon Token should be excluded from the definition of stablecoin. These tokens, linked to physical assets, present different risk factors compared to conventional stablecoins pegged to fiat currencies.</p> 
<p>Another recommendation was to extend the transition period for implementing the new regulations from three months to nine months. This extension will allow stakeholders sufficient time to adapt to the new regulatory landscape.</p> 
<p> You might also like: <a href="https://crypto.news/crypto-industry-body-slams-banking-restrictions-in-australia/"> Crypto industry body slams banking restrictions in Australia </a> </p> 
<p>Tax implications of digital asset transactions were also under the committee’s radar. </p> 
<p>The Senate urged the Board of Taxation to thoroughly review the tax treatment of digital assets, with the aim of introducing legislation on this matter by early 2024.</p> 
<p>Addressing the issue of <a href="https://crypto.news/us-republicans-seek-transparency-over-alleged-coordinated-crypto-de-banking/" data-type="link" data-id="https://crypto.news/us-republicans-seek-transparency-over-alleged-coordinated-crypto-de-banking/">debanking</a>, or the exclusion of cryptocurrency firms from traditional banking services, the committee urged full implementation of the recommendations by the Council of Financial Regulators. </p> 
<p>The concern is that debanking could drive the crypto industry into the shadows, leading to unintended negative outcomes. The Australian Department of the Treasury had previously acknowledged this risk.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe loading="lazy" title="Australia's Outlook on Crypto Regulation" width="1020" height="574" src="https://www.youtube.com/embed/5fu8LnzNl0E?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
<p>The committee’s report highlighted that the lack of robust regulation in the digital assets sector had adversely impacted Australian consumers and investment. </p> 
<p>According to the Senate, Senator Bragg’s bill represents the “first serious step towards implementing a comprehensive digital asset regulatory framework… The government has junked the ambitious crypto agenda of the former liberal government, and Australians will pay the price.”</p> 
<p>Originally expected to issue its report by Aug. 2, the committee sought multiple extensions—first to Aug. 16, then to Aug. 25, and finally to Sep. 4. </p> 
<p>This suggests a level of caution and meticulousness in their review, underscoring the complexity and significance of digital asset regulation in Australia.</p> 
<p>With these amendments and recommendations, the committee aims to balance consumer protection with the need for innovation, setting the stage for a more regulated and safer <a href="https://crypto.news/market-cap/" data-type="link" data-id="https://crypto.news/market-cap/">digital asset</a> ecosystem in Australia.</p> 
<p> Read more: <a href="https://crypto.news/paypal-partners-with-australian-crypto-exchange-amid-banking-restrictions/"> PayPal partners with Australian crypto exchange amid banking restrictions </a> </p>

Australian legislators propose changes to crypto bill following review

crypto.news

المزيد من المقالات نُشرت في ٤ سبتمبر ٢٠٢٣

IBM Proposed Guidelines For Easy Adoption of Digital Euro

Serenity Shield Wins "Best Technology Company" at the 6th Annual Burj CEO Awards

GALA Token Creates New 2023 Low: 96% Investors in Loss

Bitcoin Cash Weekly News September 4 2023 by the Bitcoin Cash Foundation

Ethereum (ETH) Popularity Drops to Late 2020 Levels Based on This Indicator

Crypto Whales Top Altcoins to Stack This Summer: Chainlink (LINK), Borroe Finance ($ROE), and Pol...

انضم إلى مجلتنا الإخبارية المجانية لآخر تحديثات مجال العملات المشفرة يوميًا.