Australian senator drafts bill aimed at stablecoin, digital yuan regulation
Australian Liberal Senator Andrew Bragg has released a new draft bill aimed at clamping down on digital asset exchanges, stablecoins, and China’s central bank digital currency, the e-Yuan.
In a statement on Sept. 18, Senator Bragg stated that “Australia must keep pace with the global race for regulation on digital assets” as “it is essential that the parliament drives law reform” on the matter.
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.
Australia must keep pace in the digital assets race: a bill to protect consumers, promote investment & protect our interests.Media statement: https://t.co/VxFnAKnh1vNew Bill: https://t.co/rtMj2t9Ng2
Speaking to Cointelegraph, Senator Bragg said Australia has “quite a risk exposure, as an economy, and that’s 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.”
Senator Bragg said the objective of this particular act is to provide “an effective regulatory framework” as well as to provide "for the reporting of information by certain banks that facilitate the use or availability of digital Yuan in Australia” and to provide “additional duties” for governing bodies in relation to this act and the “regulation of activities relating to digital assets and digital Yuan.”
Senator Bragg said that this isn’t “an accusatory position to take” it’s simply just being “prepared and gathering information” which he thinks is entirely “reasonable.”
The Liberal senator also added that Australia
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