Australia crypto cryptocurrency regulation Australian senator drafts bill to regulate crypto exchanges, stablecoins and the e-Yuan
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In a statement that accompanied the draft bill, Senator Bragg cautioned that as a result of inaction, “Australia is falling behind on consumer protection and investment promotion,” and stressed that the country “must keep pace with the global race for regulation of digital assets.” The new bill introduces licenses for digital asset exchanges, digital asset custody services and stablecoin issuers, and “establishes disclosure requirements for facilitators of the e-Yuan in Australia, as the e-Yuan is the first CBDC released by a central bank of a major economy.”
License holders will be required to comply with digital asset custody requirements such as designating key personnel in Australia responsible for operating the digital asset custody services, following all auditing, assurance and disclosure procedures, and adhering to minimum capital requirements.
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Australian senator drafts bill for crypto regulation- Details insideAustralian senator Andrew Bragg has drafted a bill aimed at better regulation of cryptocurrency and other virtual assets in the country. Titled the Digital Assets (Market Regulation) Bill 2022, the bill provides for a licensing system for digital asset exchanges, and stablecoin issuers. Bragg said that Australia must keep pace with the global race for […]
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