Australian Senator Andrew Bragg has introduced the Digital Assets (Market Regulation) Bill 2023 in the Australian Senate to regulate the crypto market in the country. The bill ensures licensing for crypto exchanges, custody requirements, and stablecoins. Bragg believes the government has failed to regulate digital assets in Australia and that the Parliament needs to step in to protect consumers and promote investment. The bill provides for minimum capital requirements, appropriate governance procedures, segregation of customers' funds, and security requirements. Crypto associations, including Blockchain Australia, have supported the move by Australian lawmakers. The proposed crypto regulatory bill follows a draft bill proposed by Senator Bragg last year amid rising crypto adoption in Australia.

(By Varinder Singh)