Australian Senator Proposes A Regulatory Bill For Digital Yuan and Stablecoin

On September 18, a liberal senator of the Australian Parliament, Andrew Bragg, announced a regulatory framework he drafted for crypto. According to him, the suggested rules would help the country to tame and guide the conduct of cryptos, stablecoins, and digital yuan.

Senator Bragg Proposes A Crypto Regulatory Framework

The latest report showed that Senator Bragg believed Australia should not be left out of the global race to tame cryptocurrency. He added that there should be a law in the country that would protect investors and the country’s economy against crypto investment risks.

As a result, he suggested a crypto regulatory framework he named ‘Digital Assets Bill 2022’ to help the country. Senator Bragg stated in the Bill that the regulators should mandate every crypto exchange, custodians, token issuers, and related firms to obtain a license before operation. 

It added that financial firms which facilitate the use of digital yuan too should meet disclosure criteria. Furthermore, Bragg claimed that the motive of the mandate is to create efficient and effective crypto regulation. 

Also, he added that the bill aims to ensure that facilitators and advocates of the digital yuan would continue to share vital information about the project with the regulators. In addition, the senator claimed that the rule framework would help to manage cryptocurrency and digital yuan activities in the country. 

However, he stated that the bill is not against the crypto industry; rather, it was meant to keep the industry in check. Additionally, Bragg pointed out that it would be useless if Australia issued a CBDC that cannot manage its privacy component. 

However, he stated it would be good if the country had a standard for other countries’ CBDC. The senator also announced that the bill is open for public opinion and criticism until the 31st of October this year.

Senator Bragg Is A Crypto Advocator

According to reports, senator Andrew Bragg is an Australian policy maker and a profound crypto advocate. Furthermore, he has advocated for the regulators to form a lucid and practical crypto regulatory framework since 2021. 

He aimed at hindering local firms that offer crypto derivatives from exiting the country due to crypto’s lack of regulation. During an interview, the senator revealed that he had no perception of crypto when he became the chairman of the country’s crypto committee. 

Hence, he ventured into deep research on different aspects of cryptocurrency, which gave him broad knowledge about the merits and risks involved in cryptocurrency. Meanwhile, the Labour Ministry in Australia recently announced that it is creating a digital asset reform to help the regulator manage crypto better.

Furthermore, the country’s treasury office stated that it would focus on token mapping work. The officers believed the project would guide them on how to regulate and manage the crypto industry appropriately.

Leave a Reply

Your email address will not be published.