According to the news, Australian Senator Andrew Bragg submitted a private senatorial bill called the "Digital Assets Act 2023" to protect consumers and encourage investors, including regulatory proposals for Stablecoin, exchange licensing and hosting requirements.
The bill aims to provide a regulatory framework for cryptocurrency exchanges, custody services and Stablecoin issuers that both protects consumers and promotes investment. It also wants to provide guidance for Authorized Depository Institutions (ADIs) to report information on CBDC issuance and control.
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.
