Australian Senator Andrew Bragg submitted a private senators’ bill titled Digital Assets (Market Regulation) Bill 2023 to protect consumers and promote investors, which includes regulatory recommendations for stablecoins, licensing of exchanges and custody requirements.
Proposed regulatory changes are typically introduced by Australian ministers. However, as the Parliamentary Education Office stipulates, members of parliament can introduce private members’ or private senators’ bills, which can take months or years to pass through parliament.
Bragg provided further information for the submission of the private bill, hitting out at the current Labour government for not following through on 12 recommendations relating to cryptocurrency regulation introduced by the Senate Select Committee on Australia as a Technology and Financial Centre in October 2021.
The senator also added that Australian consumers had been left exposed to industry-wide events like the collapse of FTX by the inaction of the Australian government to provide regulatory clarity to the sector.
The act aims to provide a regulatory framework for cryptocurrency exchanges, custody services and stablecoin issuers, which both protects consumers and promotes investment.
It also looks to provide guidelines for reporting information by authorized deposit-taking institutions for the issuance and control of a central bank digital currency.
