Cryptocurrency

Australian senator releases draft bill to push for crypto regulation

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Australian Liberal Senator Andrew Bragg release On Sept. 19, a bill providing regulations for China’s CBDC, e-Yuan’s stablecoin, digital asset exchange, and disclosure requirements.

The bill, titled “Digital Assets (Market Regulation) Bill 2022,” welcomes stakeholder consultation before approval on 31 October.

Braggs explained that while Australia lags behind the rest of the world in consumer protection and investment promotion, it is laying the groundwork for domestic cryptocurrency regulation.

License requirements

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

Such licenses must comply with digital asset custody requirements, including the designation of a key Australian officer responsible for operating digital asset custody services, must comply with minimum capital requirements and follow audit, assurance and disclosure procedures. there is.

Additionally, the stablecoin issuer must hold the face value of the debt. Must be kept in reserve in his ADI in Australia in the form of Australian dollars or foreign currency.

Digital electronic renminbi reporting requirements

In the draft, China’s state-owned banks promoting the availability or use of digital electronic renminbi will be required to provide information on Australian businesses accepting electronic renminbi payments, the number of digital wallets facilitated by designated banks, and the total amount of holdings. It says it should be reported. with these purses.

APRA and the Reserve Bank of Australia are required to provide annual reports based on reports from China’s state-owned banks to the joint ministerial and parliamentary committees on intelligence and security.

Australian Crypto Regulation Status

In August 2022, Labor Treasury Secretary Jim Chalmers announced a multi-step plan to establish a crypto regulatory framework for the industry and regulators.

The Treasury Department will conduct a “token mapping” exercise that includes a study of how cryptocurrencies and related services should be regulated. The Treasury Department plans to release a public consultation on the results of the “token mapping” “soon.”

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