Australian Liberal Senator Andrew Bragg has unveiled a new proposed bill that would impose restrictions on stablecoins, digital asset exchanges, and China’s e-Yuan, the country’s official digital currency in Australia. According to a statement made by Senator Bragg on September 18, 2022, “Australia must maintain pace with the global race for regulation on digital assets because the parliament must lead legal reform in this sector”. Digital Assets Bill 2022 The new proposed legislation, known as the Digital Assets (Market Regulation) Bill 2022, proposes the establishment of licenses for digital asset exchanges, digital asset custody services, stablecoin issuers, and transparency requirements for operators of the e-Yuan in Australia. Australia must keep pace in the digital assets race: a bill to protect consumers, promote investment & protect our interests. Media statement: https://t.co/VxFnAKnh1vNew Bill: https://t.co/rtMj2t9Ng2 — Senator Andrew Bragg (@ajamesbragg) September 18, 2022 Senator Bragg reportedly stated that Australia has quite a risk exposure as an economy, and that’s one of the main reasons for Australia having a significant program for managing disruption and controlling risks that emerge from the creation of a CBDC. Objective of Bill The purpose of this specific action is to provide an efficient regulatory framework, mandate the disclosure of information by certain banks that support the use or accessibility of...
