PANews news on March 29, according to Stablecoin , Australian Senator Andrew Bragg submitted a private senatorial bill called the "Digital Assets Act 2023" to "protect consumers and promote investors", which includes Regulatory advice, exchange licensing and custody requirements for coins. And proposed regulations on the provision of cryptocurrency services in the country. The new bill has been tabled in the Australian Parliament. The bill also seeks to provide guidance for authorized depository institutions (ADIs) to report information on the issuance and control of central bank digital currencies (CBDCs).
If passed, the bill would require individuals or businesses to hold a license from the Australian Securities and Investments Commission (ASIC) or a foreign license to operate a cryptocurrency exchange. This also applies to cryptocurrency custody services and Stablecoin issuers in Australia. The bill also sets out various obligations and requirements for exchanges, custody services, and Stablecoin issuers. This includes capital or minimum reserve requirements, segregation of client funds, client shareholding reporting and audit, assurance and disclosure arrangements.
