Australian senator releases draft bill to push for crypto regulation


Australian liberal senator Andrew Bragg released a draft bill to provide regulation of stablecoins, digital asset exchanges, and disclosure requirements for the Chinese CBDC, e-Yuan, on Sept. 19.

The draft bill, titled “Digital Assets (Market Regulation) Bill 2022”, welcomes stakeholder consultation before its clearance on Oct. 31.

Braggs explained that Australia is falling behind the rest of the world in consumer protection and investment promotion while he lays the groundwork for crypto regulation in the country.

How To Get Free Crypto  

Licensing requirements

The new rules will require digital asset exchanges, custody service providers, and stablecoin issuers to hold recognized foreign licenses.

Such licenses must comply with digital asset custody requirements, which include the designation of key personnel in Australia responsible for operating the digital asset custody services, as well as adhering to minimum capital and following auditing, assurance, and disclosure procedures.

Further, stablecoin issuers must hold the face value of their liabilities. They must be kept in reserve with an ADI in Australia in the form of Australian dollars or a foreign national currency.

Digital e-Yuan reporting requirements

The draft bill states that Chinese state-owned banks that facilitate the availability or use of the digital e-Yuan must report on Australian businesses that accept e-Yuan payments, the number of digital wallets facilitated by the designated bank, and the total amount held in these wallets.

APRA and the Reserve Bank of Australia are required to provide annual reports based on reports from Chinese state-owned banks for the Minster and the Parliamentary Joint Committee on Intelligence and Security.

Coinbase Banner  

The state of crypto regulation in Australia 

On August 2022, Labour Party’s Treasurer Jim Chalmers announced a multi-step plan to establish a crypto regulatory framework for industry and regulators.

The Treasury will carry out a “token-mapping” exercise, which involves conducting research on how cryptocurrency and related services should be regulated. The Treasury will release a public consultation on “token-mapping” results “soon.”

Go to Source
Author: Cynthia Chung

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.