Australia may soon have a comprehensive regulatory framework for digital assets, thanks to the introduction of the Digital Assets (Market Regulation) Bill 2023 by Senator Andrew Bragg. The private senator's bill proposes regulatory recommendations for stablecoins, licensing of exchanges, and custody requirements, aimed at protecting consumers and promoting investment in the country's cryptocurrency market.
Senator Bragg has criticized the current Labor government for not following through on 12 recommendations relating to cryptocurrency regulation introduced by the Senate Select Committee on Australia as a Technology and Financial Centre in October 2021. According to the senator, the government's inaction has left Australian consumers exposed to industry-wide events like the collapse of FTX.
The Digital Assets (Market Regulation) Bill 2023 sets out various obligations and requirements for exchanges, custody services, and stablecoin issuers, ranging from capital or minimum reserve requirements to reporting on customer holdings and disclosure arrangements. The bill would also require a person or business to hold a license granted by the Australian Securities and Investments Commission or a foreign license to operate a cryptocurrency exchange, custody service, or stablecoin issuer in Australia.
If passed, the bill would provide a clear regulatory framework for cryptocurrency exchanges, custody services, and stablecoin issuers to operate in Australia, while ensuring the protection of consumers and promoting investment in the country's growing digital assets market. The proposed regulatory changes aim to provide a regulatory framework for cryptocurrency exchanges, custody services, and stablecoin issuers in Australia.
In contrast to the typical introduction of regulatory changes by Australian ministers, members of parliament can introduce private members’ or private senators’ bills, which can take months or years to pass through parliament. Therefore, it may take some time before the Digital Assets (Market Regulation) Bill 2023 is passed into law.
Public consultation is currently ongoing in Australia over the classification of cryptocurrencies and various digital asset tokens, services, and platforms. The “token mapping” consultation paper was released in February, outlining basic definitions for the cryptocurrency sector. The proposed bill by Senator Bragg is a significant step towards regulating the cryptocurrency sector in Australia and ensuring that the country can be a digital asset hub while protecting digital asset consumers.
In conclusion, the introduction of the Digital Assets (Market Regulation) Bill 2023 by Senator Andrew Bragg is a positive development for the regulation of digital assets in Australia. The proposed bill sets out various obligations and requirements for exchanges, custody services, and stablecoin issuers, aimed at protecting consumers and promoting investment in the country's growing digital assets market. If passed, the bill would provide a clear regulatory framework for cryptocurrency exchanges, custody services, and stablecoin issuers to operate in Australia, while ensuring the protection of consumers and promoting investment in the country's growing digital assets market.
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