Australia Rejects Crypto Regulation Bill
The rejection of a new bill on cryptocurrency regulation by the Australian Senate reflects the country's cautious approach and leaves the industry without legal guidelines as crypto innovation continues.
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Posted 9/4/2023, 1:21:11 PM
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A new study by the Bank for International Settlements (BIS) suggests that cryptocurrencies like Bitcoin have not reduced financial risks but rather amplified them in emerging market economies, leading to potential policy options ranging from bans to regulation.
Prominent crypto commentators criticize the new crypto tax reporting rules proposed by President Joe Biden, fearing that they will push the crypto industry further away from the US and stifle innovation.
The Australian Senate rejects a proposed bill on digital asset regulation, instead recommending further consultation with the industry, causing criticism from opposition senator Andrew Bragg.
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