Australia’s Senate Economics Legislation Committee has finally provided feedback on Senator Andrew Bragg’s proposed cryptocurrency bill.

Committee September 4 report Regarding the draft bill titled “Digital Assets (Market Regulation) Bill 2023,” the author of the bill was asked to add some amendments.

The Senate specifically concluded that it would pass the bill with minor changes, such as removing the term “non-fungible token” (NFT) from the definition of regulated digital assets.

Among other proposals, the lawmakers asked the bill authors to exclude certain asset-based tokens, such as the Gold Silver Standard and BetaCarbon tokens, from the definition of stablecoins. The Senate also called for an extension of the transition period from three months to nine months.

In the report, the Senate also urged the tax committee to review the tax treatment of digital assets and transactions in Australia, with the goal of introducing legislation in early 2024.

The MPs added that the government should fully implement the Financial Regulators Committee’s recommendations on potential policy responses to Australia’s debanking. Australia’s Treasury previously acknowledged that the growing trend of banks cutting services to cryptocurrency firms could lead to undesirable consequences, such as driving the industry underground.

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“The committee’s investigation shows that the government’s approach to digital asset regulation is harming Australian consumers and investment,” the document reads. According to the Senate, Senator Prague’s bill is “the first step in implementing a comprehensive digital asset regulatory framework,” according to the Senate. and added:

“The government has abandoned the previous liberal government’s ambitious cryptocurrency agenda, and Australians will pay the price.”

The Prague senator introduced the Digital Assets (Market Regulation) Bill 2023 in March, which aims to “protect consumers and facilitate investors.” The draft bill provides regulatory proposals for stablecoins, exchange licensing and custody requirements.

The latest report from the Senate committee came a little later than initially expected. The committee originally planned to provide a report on the bill by Aug. 2, but sought to extend the reporting date to Aug. 16. The deadline was subsequently extended to Aug. 25 and then to Sept. 4.

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