Australian Liberal Senator Andrew Bragg has introduced new legislation aimed at cracking down on digital asset exchanges, stablecoins and China’s central bank’s digital currency, the e-yuan.
Senator Bragg said in a statement on September 18 that “Australia must keep up with the global competition for control over digital assets” and that “Parliament needs to pass legislative reform”.
The new bill, the Digital Assets (Market Regulation) Bill 2022, calls for the introduction of disclosure requirements for digital asset exchanges, digital asset custody services, stablecoin issuers, as well as e-Yuan facilitators in Australia.
Australia must race for digital assets: a bill to protect consumers, promote investment and protect our interests.
Media release: https://t.co/VxFnAKnh1v
New bill: https://t.co/rtMj2t9Ng2
— Senator Andrew Bragg (@ajamesbragg) September 18, 2022
Senator Bragg told Cointelegraph that Australia is “highly vulnerable as an economy, and that’s one of the reasons we need to have a serious program to manage the disruptions from CBCC growth, to manage the risks.”
Senator Bragg said the purpose of this particular act was to provide an “effective regulatory framework” as well as to “report information on certain banks that facilitate the use or presence of digital yuan in Australia” and provide “additional functions”. “Regarding this act to administrative bodies and “controlling activities related to digital assets and digital yuan.”
Senator Bragg said that this was “not a reprehensible position” but simply “preparation and information gathering” which he thought was entirely “reasonable”.
The Liberal senator added that Australia would not benefit from having a CBDC because privacy issues are unmanageable, but the Australian government needed to “put something on the table” to promote other CBDCs as part of the regime. “There should be regulation on stablecoins,” he said before the Reserve Bank of Australia.
The draft draft is open for consultation until 31 October 2022 and welcomes “community feedback”.
Andrew Bragg is a pro-crypto Australian politician who has been a staunch advocate for cryptocurrency since his election as a senator in 2019. Beginners from moving abroad.
Senator Bragg, chairing the “Committee on Digital Assets”, said that “there is no view at the moment” and that he has “investigated these issues” and informed himself of “threats and opportunities”.
Related: The Municipal Bank of China issued the first digital yuan loan using intellectual property as collateral
Meanwhile, Australia’s Labor government is said to be working on “crypto asset reforms” to “improve the way Australia’s regulatory system regulates crypto assets.”
Last month, the Treasury announced that it would advance token mapping by 2022.