According to Cointelegraph, Australia's Senate Committee on Economics Legislation has provided feedback on the cryptocurrency bill introduced by Senator Andrew Bragg. The committee reported on the draft bill, known as 'The Digital Assets (Market Regulation) Bill 2023,' and requested some amendments.

The Senate concluded that it would pass the bill with minor amendments, such as removing the term nonfungible tokens (NFTs) from the definition of regulated digital assets. Additionally, the lawmakers asked the bill authors to exclude certain asset-based tokens from the definition of stablecoin and extend the transition period from three to nine months.

The Senate also urged the Board of Taxation to review the tax treatment of digital assets and transactions in Australia, with the aim of introducing legislation in early 2024. The government should fully implement the recommendations of the Council of Financial Regulators for potential policy responses to debanking in Australia, the lawmakers added.

Senator Bragg introduced the 'Digital Assets (Market Regulation) Bill 2023' in March, aiming to 'protect consumers and promote investors.' The draft bill provides regulatory recommendations for stablecoins, licensing of exchanges, and custody requirements. The Senate Committee's report came later than initially expected, with several deadline extensions before the final report on September 4.