• The consultation process has been given the go-ahead to resume. 
• The Economics Legislation Committee has been hard at work post submission of the bill.

The Economic Legislation Committee of the Australian Senate has voiced strong opposition to a Bill that would support regulation of crypto trading platforms in Australia. InnovationAus.com, a public policy and commercial innovation think tank, said that the Committee’s rejection was based on the perception of internal strife within any movement to enact the measure.

Since pro-crypto Senator Andrew Bragg submitted the Bill. The Economics Legislation Committee has been hard at work, as highlighted in their report. Although it was claimed that the goals were well-intentioned (protecting investors from frauds). Participants were split on whether new regulation or tweaks to current regulation was more important for digital assets.

Consultation Process Restarted

There were also noted disagreements from important parties including FinTech Australia. It had issues with the lack of specificity in regards to the governance and digital asset exchange standards. While the legislative body as a whole is of the opinion that the sector needs more oversight.

The remarks highlighted the fact that the measure did not do much justice in giving appropriate specifics that it corresponds with the country’s goals in regard to its wide expectations. Despite the fact that one of its primary intentions is to assist safeguard consumers and to also encourage the digital asset sector.

It is worth noting that Senator Andrew Braggs and other advocates are not happy with the latest development. But the consultation process has been given the go-ahead to resume. The crypto sector has been facing strict regulatory scrutiny across the globe in order to safeguard users.

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