Senator Andrew Bragg has introduced a private senators' bill to the Australian parliament titled the Digital Assets Bill 2023, proposing regulations for cryptocurrency services in the country. The bill includes regulatory recommendations for stablecoins, licensing of exchanges, and custody requirements to protect consumers and promote investment. If passed, the bill would require a license granted by the Australian Securities and Investments Commission (ASIC) or a foreign license to operate a cryptocurrency exchange, custody service, or stablecoin issuer in Australia. The bill also sets out obligations and requirements for exchanges, custody services, and stablecoin issuers, including capital or minimum reserve requirements, segregation of customer funds, and reporting on customer holdings. Public consultation is ongoing in Australia over the classification of cryptocurrencies and various digital asset tokens, services, and platforms.

(By GARETH JENKINSON)