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Australian Liberal Senator Andrew Bragg has released a new draft bill aimed at clamping down on digital asset exchanges, stablecoins, and China\u2019s central bank digital currency, the <\/a>e-Yuan<\/a>.<\/p>\n In a statement on Sept. 18, Senator Bragg\u00a0stated<\/a> that \u201cAustralia must keep pace with the global race for regulation on digital assets\u201d as \u201cit is essential that the parliament drives law reform\u201d on the matter.<\/p>\n The new draft bill, titled Digital Assets (Market Regulation) Bill 2022, calls for the introduction of licenses for digital asset exchanges, digital asset custody services, stablecoin issuers, as well as disclosure requirements for facilitators of the e-Yuan in Australia. <\/p>\n Australia must keep pace in the digital assets race: a bill to protect consumers, promote investment & protect our interests.<\/p>\n Media statement: https:\/\/t.co\/VxFnAKnh1v<\/a> \u2014 Senator Andrew Bragg (@ajamesbragg) September 18, 2022<\/a><\/p><\/blockquote>\n Speaking to Cointelegraph, Senator Bragg said Australia has \u201cquite a risk exposure, as an economy, and that\u2019s one of the reasons why we need to have a serious program for managing disruption, managing risks, that emanate from the development of a CBDC.\u201d<\/p>\n Senator Bragg said the objective of this particular act is to provide \u201can effective regulatory framework\u201d as well as to provide “for the reporting of information by certain banks that facilitate the use or availability of digital Yuan in Australia\u201d and to provide \u201cadditional duties\u201d for governing bodies in relation to this act and the \u201cregulation of activities relating to digital assets and digital Yuan.\u201d<\/p>\n Senator Bragg said that this isn\u2019t \u201can accusatory position to take\u201d it\u2019s simply just being \u201cprepared and gathering information\u201d which he thinks is entirely \u201creasonable.\u201d<\/p>\n The Liberal senator also added that Australia wouldn\u2019t benefit from having a CBDC as \u201cprivacy issues cannot be managed,\u201d however it is important that the Australian government \u201cput something on the table\u201d to manage other CBDCs being introduced, as the Governor of The Reserve Bank of Australia has \u201cspoken before saying there needs to be regulation on stablecoins.\u201d<\/p>\n The draft bill consultation is open until 31 October 2022 and welcomes \u201ccommunity feedback.\u201d<\/p>\n Andrew Bragg<\/a>, a pro-crypto Australian politician<\/a>, has been an outspoken advocate for cryptocurrency since he was elected senator in 2019. Senator Bragg has been pushing for a clear regulatory framework for digital assets and crypto companies since 2021, in an effort to prevent local startups from moving overseas. <\/p>\n Senator Bragg noted that he \u201cchaired the committee\u201d for digital assets with \u201cno fixed view at the time\u201d and \u201cconducted an inquiry into these matters\u201d as well as informing himself \u201cabout the risks and opportunities.\u201d<\/p>\n Related: <\/em><\/strong>Chinese municipal bank issues first-ever digital yuan loan using intellectual property as collateral<\/em><\/strong><\/a><\/p>\n Meanwhile, the Australian Labor government is said to be working on \u201ccrypto asset reforms\u201d to \u201cimprove the way Australia\u2019s regulatory system manages crypto assets.” <\/p>\n Last month, the treasury stated it will \u201cprioritize token mapping work<\/a> in 2022, which will help identify how crypto assets and related services should be regulated.\u201d<\/p>\n<\/div>\n\n
New Bill: https:\/\/t.co\/rtMj2t9Ng2<\/a><\/p>\n