CANBERRA, Australia—A bill aimed at better regulation of cryptocurrency and other virtual assets in Australia has been drafted by Australian senator Andrew Bragg.
Titled the Digital Assets (Market Regulation) Bill 2022, the bill provides for a licensing system for digital asset exchanges, and stablecoin issuers, AMB Crypto reported.
Bragg said that Australia must keep pace with the global race for regulation of digital assets. He has released a draft bill that is open for consultation until Oct. 31.
Bragg is a senator for New South Wales from the Liberal Party of Australia who has often spoken in favor of cryptocurrency and called for a clear regulatory framework, AMB Crypto said.
The bill also calls for information reporting by banks in case they are facilitating e-Yuan in the country.
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