Senator Andrew Bragg has introduced a private bill to regulate digital assets, including cryptocurrencies, in the Australian parliament.
The Digital Assets (Market Regulation) Bill proposes licensing for digital asset exchanges and services, custody requirements, and stablecoins, and requires banking institutions to meet reporting rules.
If passed, the Act will require anyone operating a digital asset exchange or service to hold a licence granted by ASIC or a recognised foreign licence.
Bragg introduced the bill to protect digital asset consumers, promote investment in digital currencies, and position Australia as a digital asset hub.
He criticized the lack of continuity in the government’s approach to digital asset regulation, which he claims has exposed Australians to collapses such as FTX.
