Australian senator drafts bill aimed at stablecoin, digital yuan regulation

Australian Liberal Senator Andrew Bragg has unveiled a new bill aimed at cracking down on digital asset exchanges, stablecoins and China’s central bank digital currency, the electronic yuan.

Senator Bragg said in a September 18 statement, said Australia must keep pace with the global race to regulate digital assets, he said.

A new bill titled Digital Assets (Market Regulation) Bill 2022 seeks to introduce licenses for digital asset exchanges, digital asset custody services, stablecoin issuers and disclosure requirements for facilitators of Australian electronic origins. .

Australia needs to keep pace with the digital asset race, legislation to protect consumers, encourage investment and protect our interests.

Media statement: https://t.co/VxFnAKnh1v
New invoice: https://t.co/rtMj2t9Ng2

Senator Andrew Bragg (@ajamesbragg) September 18, 2022

In an interview with Cointelegraph, Senator Bragg said Australia “is at considerable risk as an economy, which requires a serious program to manage the disruptions and risks arising from the development of CBDCs. It’s one of the reasons,” he said.

Senator Bragg said the purpose of this particular law is to provide an “effective regulatory framework” and to “report information by certain banks to facilitate the use or availability of a digital yuan in Australia.” and offer additional obligations. For governing bodies related to this law and the Regulation of Activities Related to Digital Assets and Digital Origins, see .

Senator Bragg believes that this is not a “condemnation position” but simply “preparing and gathering information”, which is perfectly “reasonable”.

The Liberal senator also added that Australia would not benefit from having a CBDC because “privacy issues are out of control”, but the Australian government, as governor, will manage other CBDCs being introduced. The Reserve Bank of Australia has spoken before saying that stablecoins need regulation.

The bill is open for consultation until October 31, 2022, and welcomes “community feedback.”

Australian pro-crypto politician Andrew Bragg has been an outspoken supporter of cryptocurrencies since being elected to the Senate in 2019. Overseas expansion of startups.

Senator Bragg “chaired a committee” on digital assets, saying “there was no fixed view at the time,” and not only “conducted research on these issues,” but “on risks and opportunities.” ‘ said he had notified himself.

Related: Chinese Local Bank Issues First-ever Digital Renminbi Loan Secured by Intellectual Property

Meanwhile, the Australian Labor government is said to be working on crypto asset reform to improve how the Australian regulatory system manages crypto assets.

Last month, the Treasury Department said it would prioritize token mapping work in 2022 and help identify how crypto assets and related services should be regulated.