The Senate Committee on Economics Legislation in Australia has provided feedback to the cryptocurrency bill introduced by senator Andrew Bragg. The committee has asked for minor amendments to the bill, such as removing the term nonfungible tokens (NFTs) from the definition of regulated digital assets and excluding certain asset-based tokens from the definition of stablecoin. The Senate has also asked to extend the transition period from three to nine months.The Senate has urged the Board of Taxation to review the tax treatment of digital assets and transactions in Australia with a target to introduce legislation in early 2024. The government should also implement in full the recommendations of the Council of Financial Regulators for potential policy responses to debanking in Australia.Senator Bragg introduced the “Digital Assets (Market Regulation) Bill 2023” in March, aiming to “protect consumers and promote investors.” The draft bill provides regulatory recommendations for stablecoins, licensing of exchanges and custody requirements.The Senate Committee’s report came a while after it was originally expected. The committee initially planned to provide a report on the bill by Aug. 2, but sought an extension of the reporting date to Sept. 4.The Senate concluded that the bill by senator Bragg is 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, the document reads.

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Information	Details
Geography	Australia
Countries	🇦🇺
Sentiment	negative
Relevance Score	9
People	Andrew Bragg, Department of the Treasury, Council of Financial Regulators, Board of Taxation, Senator Bragg
Companies	Australian Senate Committee on Economics Legislation, Australian Department of the Treasury, Council of Financial Regulators, Binance Australia, Board of Taxation
Currencies	Construct, NFT Stars, BetaCarbon, Ethereum, Bitcoin
Securities	None