Australia’s Treasury to Include Stablecoin Rules in Crypto Bill Draft, ASIC’s Warning For Crypto Entities

Australia’s regulators want to include stablecoin legislation in the bill for the digital assets sector.

A representative from the Australian Securities and Investments Commission said they are having meetings with regulators such as the SEC about their legal positions on crypto.

Australia’s regulators offered rare updates on their plans for the digital assets sector, including plans to introduce a draft framework for stablecoins, and hinted that more enforcement against unlicensed entities was on the way during an event in Sydney on Wednesday.

The event, called Digital Assets: Securing the Digital Economy, was hosted by Blockchain Australia, the country’s policy body for the sector.

The Australian Treasury had previously announced plans to publish draft legislation that would cover licensing and custody rules for crypto asset providers by the end of 2024. Now this blueprint may include a framework for regulating stablecoins.

“Digital asset platform reforms have been allocated a drafting venue that will enable the draft to be published by the Office of the Parliamentary Counsel (responsible for the drafting and publication of Australian legislation) before the end of this year,” Australia Director Chris Adamek said. Treasury’s digital asset policy unit.

“There are various reforms at this draft stage, and each has a different priority over the payment reforms, which includes our proposed framework for regulating stablecoins, which falls within the same range, and they will be done sort of one after the other. Given this overlap, representatives (representatives) will consider both “They hope for his release at the same time.”

The Australian Securities and Investments Commission (ASIC) said it was assisting the government in providing advice to colleagues at the Treasury and held regular meetings with counterparts around the world, including in the EU, Singapore, Malaysia, Hong Kong and North America. Learn more about their lawsuits against digital asset firms.

“We are actively monitoring cases overseas and regularly engage with our overseas colleagues,” ASIC senior executive lead for digital assets Dr Rhys Bollen said. “We spent an hour on the phone this morning with the SEC talking about some of the work they do and what we can learn from that. We’ve already run a half dozen (cases) that interact with digital assets and cryptocurrencies. We have the asset base and we have more.”

Additionally, ASIC’s representative warned crypto assets to abide by precedents set in recent cases against crypto assets before industry regulars, stating that it has and will provide guidance but is also subject to the law.

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“When did you last review the tokens you have listed on your platform? When did you last review the products and services you offer? How recently did you consult with your attorneys about where the law currently sees the most up-to-date understanding? If you haven’t done so in the last four months, based on cases in the last six months, you need to consider where you are.” said Bollen.

Bollen also said ASIC would appeal recent decisions that were at least partly in favor of crypto assets such as Block Earner and BPS Financial Pty Ltd (BPS). Recently, ASIC sued Binance Australia and social investment platform eToro, while the country’s major banks also imposed partial restrictions on cryptocurrency scams.

Blockchain Australia has now been rebranded to become the Digital Economy Council of Australia (DECA) and will include a membership category for banks.

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