Australian senator drafts bill for crypto regulation- Details inside
Australian senator Andrew Bragg hasdrafted 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 regulation of digital assets. He has released a draft bill that is open for consultation until 31 October 2022.
Andrew Bragg is a Senator for New South Wales from the Liberal Party of Australia who has often spoken in favor of cryptocurrency and called for a clear regulatory framework.
TheDigital Assets (Market Regulation) Bill 2022 proposes introducing licenses for digital asset exchanges, digital asset custody services, and stablecoin issuers. In addition, the bill calls for information reporting by banks in case they are facilitating e-Yuan in the country.
A digital asset exchange or a digital asset custody service must hold a license issued by the Minister or a recognized foreign exchange license to operate in Australia.
In regard to stablecoins, the bill asks Central Bank Digital Currency (CBDC) issuers to similarly get the required license issued in order to operate in the country. Called the Stablecoin Issue Requirements, the list of regulations would be mandatory for CBDC issuers to comply with.
The bill also asks certain designated banks to report information to the Australian Prudential Regulation Authority and the Reserve Bank of Australia in case they have facilitated the use or availability of e-Yuan in Australia within the last year.
It must be noted here that e-Yuan is the first CBDC issued by a major national economy. E-Yuan was introduced by the People’s Bank of
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