Regulation
stablecoin included in new crypto bill
Australian regulators are working to integrate the stablecoin standards in their bill concerning the crypto sector.
A representative from the Australian Securities and Investments Commission said it has met with regulators, such as the SEC, to discuss their legal positions on cryptocurrencies.
Let’s see all the details below.
New regulations coming to Australia: Cryptocurrency bill includes provisions on stablecoins
As expected, Australian regulators recently provided updates on their plans for the digital assets sector.
Including the introduction of a draft regulation for stablecoins, and they suggested increased action against unauthorized entities at an event in Sydney on Wednesday.
THE evententitled “Digital Assets: Anchoring the Digital Economy”, was organized by Blockchain Australia, the national industry body.
The Australian Treasury previously announced plans to release draft legislation to establish licensing and custody rules for cryptocurrency suppliers by the end of 2024.
Now this project could also include a regulatory framework for stablecoins. Chris Adamek, director of the digital assets policy unit at the Australian Treasury, said:
“The digital asset platform reforms are being developed at the Office of the Parliamentary Counsel (responsible for drafting and publishing Australian laws) and the draft is expected to be published by the end of the year. Currently being drafted, various reforms have different priorities, including those on payments that encompass the proposed framework to regulate stablecoins. These reforms could be launched simultaneously due to their interconnection.
The Australian Securities and Investments Commission (ASIC) said it was working with the government to provide advice to its Treasury colleagues.
Additionally, it regularly holds meetings with its global counterparts, including the EU, Singapore, Malaysia, Hong Kong and North America, to better understand the lawsuits filed against digital asset companies.
ASIC Warns: Crypto Entities Must Align With Existing Regulations
Dr. Rhys Bollen, Managing Director of Digital Assets at ASIC, commented:
“We actively monitor international cases and collaborate regularly with our colleagues abroad. This morning we had an hour-long call with the SEC to discuss their work and what we can learn from it. We have already handled half a dozen cases involving digital assets and more are underway.
The ASIC representative said it will continue to provide guidance, but stressed the importance of compliance with the law, during a meeting with industry operators:
“When was the last time you reviewed the tokens listed on your platform? What about the products and services you offer? If you have not reviewed your legal practices in the last four months, it is essential to do so now.
Bollen also announced that ASIC was preparing appeals against recent court decisions that favored crypto entities such as Block Earner and BPS Financial Pty Ltd (BPS).
Recently, ASIC took Binance Australia and social investment platform eToro in court, while the country’s major banks introduced limitations on cryptocurrencies to protect investors from fraud.
Blockchain Australia has changed its name to Digital Economy Council of Australia (DECA) and includes a category dedicated to banks.