Australian Senator Presents A Bill Aimed To Regulate The Crypto Sector
- Senator Andrew James Bragg has recently announced the release of a new draft bill, titled Digital Assets (Market Regulation) Bill 2022 which brings a massive crackdown on cryptocurrency exchange platforms, stablecoins.
- Senator Bragg said that Australia must work towards actively participating in the “global race for regulation on digital assets.”
Australian Liberal Senator Andrew James Bragg has recently announced the release of a new draft bill, titled Digital Assets (Market Regulation) Bill 2022, that aims for a massive crackdown on cryptocurrency exchange platforms, stablecoins, and China’s highly-anticipated central bank digital currency (CBDC), the e-Yuan.
In a September 18 announcement, Senator Bragg said that Australia must work towards actively participating in the “global race for regulation on digital assets.” He believes that there is an urgent requirement for parliament to draw law reform in this regard.
The new draft bill calls for license standards for digital asset exchanges, stablecoin issuers, and digital asset custody providers. Bragg also called for disclosure requirements for facilitators of the digital yuan in Australia.
During a recent interview, Senator Bragg said that Australia has “quite a risk exposure, as an economy.”
“That’s one of the reasons why we need a serious program for managing disruption, managing risks, that emanate from the development of a CBDC.”
According to the 38-year-old, this particular act’s goal is to “provide an effective regulatory framework,” allow for the “reporting of information by certain banks that facilitate the use or availability of digital Yuan in Australia,” It also aims to “provide for additional duties” for governing bodies and the “regulation of activities relating to digital assets and digital yuan.”
The proposed bill is currently up for public feedback until October 31, 2022.
Since being elected as a senator in 2019, Andrew Bragg, a pro-crypto Australian politician, has been a vocal supporter of cryptocurrencies. In an attempt to stop local firms from migrating overseas, Senator Bragg has been advocating for a clear regulatory framework for digital assets and cryptocurrency companies since 2021.
Senator Bragg stated that while “chairing the committee” for digital assets, he “conducted an inquiry into these matters” and educated himself about the “risks and opportunities.”
The draft bill comes at a time when the country’s Securities and Investments Commission (ASIC) launches a four-year strategic “Corporate Plan” that stretches all the way to 2026. In August, the ASIC announced that it would be concentrating on “digitally enabled misconducts” as “emerging products and technologies transform [the country’s] financial ecosystem.”
Meanwhile, the Australian Labor government is attempting to “improve the way Australia’s regulatory system manages crypto assets” via a set of “crypto-asset reforms.”