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.
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.
Source
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