CANBERRA, Australia—The Australian government has rejected a bill that would have introduced new regulations for the cryptocurrency industry.
The bill, which was proposed by the opposition Labor Party, aimed to create a legal framework for crypto assets and service providers, as well as to protect consumers and investors from fraud and scams, Tekedia reported.
The bill was based on the recommendations of a Senate inquiry into Australia’s future as a technology and financial center, which was released in October 2022.
The inquiry found that Australia was lagging behind other countries in terms of crypto innovation and adoption, and that a lack of regulation was creating uncertainty and risk for the industry, Tekedia said.
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