Senator Bragg Proposes Bill for Stablecoin Regulation in Australia

Australia liberal Senator, Andrew Bragg has announced a proposed bill to crack down on crypto exchanges, stablecoins, and digital yuan. 

Senator Bragg disclosed that “Australia must keep pace with the global race for regulation on digital assets” because “the parliament must drive law reform” regarding the situation.

The proposed bill drafted by the liberal politician, named Digital Assets (Market Regulation) Bill 2022, proposes licensing for digital asset exchanges, digital asset custody services, stablecoin issuers, and transparency necessities for e-Yuan operators in Australia.

Bragg expressed that the bill intends to establish a working regulatory system as well as to necessitate reporting of information by certain banks. 

The bill will enhance the use or availability of China’s digital Yuan in Australia. With additional responsibilities by governing authorities in connection to this act and the regulation of digital assets and digital Yuan. Bragg commented that this is simply being prepared and gathering information, which is justifiable and does not constitute an accusatory posture. 

According to the senator, the Australian government must put structures on the table to deal with other CBDCs that are being implemented. He also added that Australia would not profit from having a CBDC since privacy issues cannot be controlled. 

Bragg a Key Crypto Proponent in Australia 

Notably, since he was elected a senator back in 2019, crypto enthusiast Andrew Bragg has been an ardent advocate for cryptocurrency in Australia. 

Likewise, to prevent local enterprises from relocating elsewhere, Senator Bragg has been a key player in advocating for a comprehensive and precise regulatory framework for digital assets and crypto firms since 2021.  

The Senator’s proposed bill is now out for public comment until October 31, 2022. Meanwhile, the Australian Labor government is reportedly working on “crypto asset reform the way Australia’s regulatory framework oversees crypto assets.”