This bill did not become law and is no longer proceeding.
Government & democracy
Australia would require licences for crypto exchanges, digital asset custody businesses and stablecoinA digital token designed to track a fixed value, usually by being backed by reserves, and the bill would regulate how it is issued. issuers, creating a separate national rulebook for this part of the market.
Recent exchange failures including FTXThe failed global crypto exchange used on the page as a key example of why stronger rules were being proposed. and Blockchain Global exposed a wild-west crypto market and left consumers' money at risk. The bill creates a separate licensing regimeThe broader legal framework for regulated finance businesses that critics said the bill did not fit neatly into. for exchanges, custody providers and stablecoinA digital token designed to track a fixed value, usually by being backed by reserves, and the bill would regulate how it is issued. issuers, requiring safeguards like capital, customer fund separation, audits and disclosure.
Australia’s digital asset businesses were operating without a bespoke national licensing regimeThe broader legal framework for regulated finance businesses that critics said the bill did not fit neatly into. even after the October 2021 Senate technology and financial centre report recommended exchange and custody rules, and Treasury had only begun consulting in March 2022 when the 2022 FTX implosionThe failed global crypto exchange used on the page as a key example of why stronger rules were being proposed. sharpened concerns about consumer losses and market integrity. Senator Andrew Bragg’s 2023 bill responded by proposing dedicated licences and safeguards for exchanges, custodians and stablecoinA digital token designed to track a fixed value, usually by being backed by reserves, and the bill would regulate how it is issued. issuers, while the government later announced its own licensing model in October 2023 and this private senator’s bill eventually lapsed in July 2025.
The main criticism was that the bill set up a rushed stand-alone crypto regime that did not fit properly with Australia’s existing financial services law and had not been developed through enough consultation. That case was raised mainly by Labor ministers and senators, while a separate broader objection from Gerard Rennick argued digital assets themselves were unsafe and not something government should normalise.
Senator Andrew Bragg introduced this bill. Speeches supporting it came from LNP, Nationals.
Did it become law?
No
The bill did not complete passage through Parliament.
Final passage
No final passage
The bill has not completed passage and is no longer proceeding.
Time before failure
845 days
From introduction to the final recorded step before the bill stopped proceeding
Meaning
Australia would require licences for crypto exchanges, digital asset custody businesses and stablecoinA digital token designed to track a fixed value, usually by being backed by reserves, and the bill would regulate how it is issued. issuers, creating a separate national rulebook for this part of the market.
Crypto exchanges in Australia would have to keep enough capital, separate customer money from company money, meet cybersecurity standards, and report key information to users and regulators.
Digital wallet and custody providers would need Australian-based responsible staff, minimum capital, separate customer assets from their own, and meet audit and disclosure rules.
StablecoinA digital token designed to track a fixed value, usually by being backed by reserves, and the bill would regulate how it is issued. issuers in Australia would have to keep full reserves in Australian bank accounts, give APRAThe banking and insurance regulator that would receive quarterly reports from stablecoin issuers under this bill. quarterly reports, publish audit results, and have cyber risk plans.
Banks would have to report to ASICThe corporate regulator that would oversee parts of the licensing and reporting regime in this bill. and the Reserve BankAustralia's central bank, which would receive disclosures about foreign central bank digital currencies under this bill. on Australians’ use of foreign central bank digital currencies, and those agencies would have to report each year to the Minister and two parliamentary committees.
The Bill is needed to give regulatory clarity and certainty. The Bill provides clear definitions of digital assets, digital asset exchanges and stablecoins. The scheme created by the Bill will exist separately to the Corporations Act 2001 so it is properly suited to the unique features of this industry.Digital Assets (Market Regulation) explanatory memorandum
2.9 Subclause 11 provides for the Digital Asset Exchange Requirements, which seek to ensure the fair, orderly and transparent operation of digital asset exchanges in Australia, to be set out in rules.Digital Assets (Market Regulation) explanatory memorandum
2.18 Subclause 16(1) provides for the Digital Asset Custody Requirements, which seek to ensure the customers of digital asset custody services are protected, to be set out in rules.Digital Assets (Market Regulation) explanatory memorandum
2.26 Subclause 20(1) provides for the Stablecoin Issue Requirements to be the set out in the rules. Subclause 20(2) provides that the Stablecoin Issue Requirements are to include a number of specified matters, including:Digital Assets (Market Regulation) explanatory memorandum
Clause 35 requires ASIC and the Reserve Bank of Australia to provide a report to the Minister, the Parliamentary Joint Committee on Corporations and Financial Services, and the Parliamentary Joint Committee on Intelligence and Security at least once every year.Digital Assets (Market Regulation) explanatory memorandum
Context
Australia’s digital asset businesses were operating without a bespoke national licensing regimeThe broader legal framework for regulated finance businesses that critics said the bill did not fit neatly into. even after the October 2021 Senate technology and financial centre report recommended exchange and custody rules, and Treasury had only begun consulting in March 2022 when the 2022 FTX implosionThe failed global crypto exchange used on the page as a key example of why stronger rules were being proposed. sharpened concerns about consumer losses and market integrity. Senator Andrew Bragg’s 2023 bill responded by proposing dedicated licences and safeguards for exchanges, custodians and stablecoinA digital token designed to track a fixed value, usually by being backed by reserves, and the bill would regulate how it is issued. issuers, while the government later announced its own licensing model in October 2023 and this private senator’s bill eventually lapsed in July 2025.
Senate committee recommends digital asset rules
The Senate Select Committee on Australia as a Technology and Financial CentreThe Senate committee whose 2021 report is described as the main policy foundation for the bill's approach. recommended exchange and custody reforms that became the main policy foundation cited for the bill.
Australian Parliament House ↗Treasury begins consultation on crypto regulation
A Treasury consultationThe government's consultation process on crypto rules that the page uses to show the issue was already under review before this private bill. paper showed the issue was under active consideration but no dedicated licensing regimeThe broader legal framework for regulated finance businesses that critics said the bill did not fit neatly into. had yet been put in place.
Hansard ↗FTX implosionThe failed global crypto exchange used on the page as a key example of why stronger rules were being proposed. damages trust in the crypto sector
The collapse of FTXThe failed global crypto exchange used on the page as a key example of why stronger rules were being proposed. became a clear warning for Australian exchanges and investors, strengthening calls for rules to protect customer assets and rebuild confidence.
Australian Financial Review ↗Digital Assets (Market Regulation) Bill is introduced
Senator Bragg introduced the bill to create a stand-alone rulebook for exchanges, custodians and stablecoinA digital token designed to track a fixed value, usually by being backed by reserves, and the bill would regulate how it is issued. issuers while broader government legislation was still pending.
Parliamentary timeline ↗Government announces its own crypto licensing plan
Assistant Treasurer Stephen Jones said crypto exchanges would be brought under a financial services licensing regimeThe broader legal framework for regulated finance businesses that critics said the bill did not fit neatly into. with added obligations, showing the government was pursuing a different regulatory path.
Australian Financial Review ↗Bill lapses at the end of Parliament
The private senator’s bill did not pass and fell away, leaving digital asset regulation to the government’s later legislative and ASICThe corporate regulator that would oversee parts of the licensing and reporting regime in this bill.-led process.
Parliamentary timeline ↗Legislative route
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Introduced and read a first time
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Second reading moved
Referred to Committee (30/03/2023): Senate Economics Legislation Committee; Committee report (04/09/2023)
Referred to committee
APH bill page notesThe bill reached this recorded parliamentary step.
The bill reached this recorded parliamentary step.
The bill reached this recorded parliamentary step.
Key criticism
The main criticism was that the bill set up a rushed stand-alone crypto regime that did not fit properly with Australia’s existing financial services law and had not been developed through enough consultation. That case was raised mainly by Labor ministers and senators, while a separate broader objection from Gerard Rennick argued digital assets themselves were unsafe and not something government should normalise.
Most criticism was about drafting and regulatory fit, not opposition to licensing crypto platforms in principle.
Rushed bespoke regime with poor fit to existing law
Critics argued the bill was not fit for purpose because it created a separate crypto rulebook that did not align well with Australia’s existing financial services framework. They said the government should regulate the sector through a more measured process tied to broader consultation and existing law rather than pass this private senator’s bill.
Insufficient consultation on the model
Opponents said the bill had not been developed through proper industry consultation, making it a poor vehicle for setting up a major national licensing and custody regime. The concern was less about whether crypto should be regulated and more about whether this bill was the right design.
Digital assets should not be normalised by law
A narrower criticism held that digital assets are inherently dangerous and cannot really be regulated safely, so Parliament should not build a legal framework around them. On this view, digital currency distracts from the real economy and should remain under tighter government control rather than be legitimised through licensing.
Further sources
Votes
No recorded votes were found before this bill stopped proceeding.
Parliamentary debate
Start here — lead voices
Bragg supports the bill and urges the Senate to back a regulatory framework for digital assets that he says will protect consumers while giving the industry certainty to grow.
Read in Hansard ↗Gerard Rennick opposes the bill and says digital assets cannot be properly regulated, so he will vote against it.
Read in Hansard ↗Canavan supports the bill and wants the government to adopt it or bring forward a similar version, saying it would give consumers confidence, help attract investment, and provide proper ASICThe corporate regulator that would oversee parts of the licensing and reporting regime in this bill. oversight of digital assets.
Read in Hansard ↗Scarr supports the bill and says it fills a serious regulatory gap for digital assets by giving investors and consumers clear protections.
Read in Hansard ↗All speeches by bloc
2 speakers · 2 oppose
“The bill that is before the chamber today doesn't meet those tests, and the committee therefore recommended that the bill not pass.”Read the full speech in Hansard ↗
“As you can see, Mr Deputy President, the Albanese government does take these issues seriously. There is a range of work underway. But, for the reasons I've outlined, we won't be supporting this bill. It comprehensively fails to deal with the real issues, including those that were ventilated at the Senate Economics Legislation Committee inquiry.”Read the full speech in Hansard ↗
9 speakers · 10 contributions · 8 support · 1 oppose
“I too won't be supporting this bill, the Digital Assets (Market Regulation) Bill 2023. I don't believe in digital currency—I think it's a stepping stone to the social licence—and I believe the currency should be controlled by the government of the day. I will stand here and tell you that I do not want the government in the family home, the boardroom, the doctor's waiting room or the classroom, but there is one thing I do think governments should regulate, and that is the currency.”Read the full speech in Hansard ↗
“I'm very, very happy to have risen in support of Senator Bragg's private member's bill.”Read the full speech in Hansard ↗
“I do commend this bill to the Senate. I hope that it can receive support when it eventually comes to a vote, and I do just want to conclude by again thanking Senator Bragg for bringing it to us. It's a very considered bill. It's comprehensive. It really covers a broad range of issues, and I think it will provide a terrific framework for crypto to be managed within this country and to ensure there are protections in place for people participating in it.”Read the full speech in Hansard ↗
Hansard records 2 separate contributions by Andrew Bragg on this bill. They are grouped here so the speaker is listed once.
Second reading speech
Bragg supports the bill and urges the Senate to back a regulatory framework for digital assets that he says will protect consumers while giving the industry certainty to grow. He argues the current market is unregulated and that the bill is needed to bring digital assets and stablecoinsA digital token designed to track a fixed value, usually by being backed by reserves, and the bill would regulate how it is issued. under proper oversight.
“The Bill I have introduced today is laid out with that abiding dual purpose in mind—consumer protection and innovation.”Read this contribution in Hansard ↗
Second reading speech
Bragg supports the bill and says Australia needs a clear licensing regimeThe broader legal framework for regulated finance businesses that critics said the bill did not fit neatly into. for digital asset gatekeepers to protect consumers, keep investment onshore, and stop the market staying in the "slow lane". He argues the current lack of regulation leaves customers exposed and has already contributed to losses and uncertainty.
“So the whole point here is that this bill would put in place a framework of regulation of gatekeepers. It would ensure that key personnel tests, capital requirements and all the other obligations people would expect of a financial services business would be applicable to someone holding themselves out to be a crypto market or a brokerage.”Read this contribution in Hansard ↗
“I wanted to speak following Senator O'Sullivan and associate myself with his remarks, which were well made and balanced. I also want to commend Senator Bragg for bringing forward this important piece of legislation, the Digital Assets (Market Regulation) Bill 2023. It is urgently required.”Read the full speech in Hansard ↗
“This bill itself creates a licensing regime for digital assets, with custody, disclosure and minimum capital requirements that will give consumers protection and the market the certainty that it needs—and it is certainly a market that is crying out for certainty.”Read the full speech in Hansard ↗
“This bill seeks to establish regulations around the fundamentals of what will enable crypto assets and cryptocurrencies to function in a modern, international, digital economy. To enable this, regulations need to be built around the establishment of an Australian dollar stable coin to allow seamless digital Fiat transactions, digital exchanges to enable the transactions of digital assets, and regulations encompassing custodian service to hold these digital bearer assets. With an Australian dollar stable coin, digital assets, exchanges, custodians and regulations to protect investors and consumers, Australia will finally have the foundation from which it can build a competitive digital future.”Read the full speech in Hansard ↗
“The time has well and truly come for this bill. The Digital Assets (Market Regulation) Bill lays the groundwork for a secure, transparent and thriving digital asset industry in our country. It's a meaningful step towards fully embracing the opportunities presented by emerging technologies while providing the necessary consumer safeguards. I commend Senator Bragg for his efforts, and I commend the bill to the Senate.”Read the full speech in Hansard ↗
Record
Senate · Introduced and read a first time
Introduced
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Senate · Second reading moved
Second reading opened
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Senate · Second reading debate
Second reading debate
The bill reached this recorded parliamentary step.
Senate · Second reading debate
Second reading debate
The bill reached this recorded parliamentary step.
Senate · Lapsed at end of Parliament
Lapsed at end of Parliament
The bill reached this recorded parliamentary step.
Senate Economics Legislation Committee; Committee report (04/09/2023)
Referred to committee
Referred to Committee (30 Mar 2023): Senate Economics Legislation Committee; Committee report (4 Sept 2023)
APH bill page notes
