Australian To Debate Crypto Exchange Bill
Senator Andrew Bragg’s proposed bill, which could create a regulatory structure for bitcoin trading platforms, is being considered by Australia’s government.
Bragg emphasises the pressing need for parliamentary action to create proper laws because the industry is dealing with regulatory ambiguity.
The legislation specifies three different licences for exchanges, custodians, and stablecoin issuers like Tether.
Senator Bragg contrasts the rather covert method used in the US with the significance of quick action for guaranteeing adequate regulation through parliament.
This development comes after American officials filed lawsuits against Binance and Coinbase, the top two cryptocurrency trading platforms in the world. Binance, the largest crypto trading platform globally, faces a lawsuit from US authorities for allegedly operating unlawfully in the country and violating financial statutes.
(With inputs from Shikha Singh)
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