Australian Senate Economic Legislation Committee Submits Digital Asset Market Regulation Bill

Odaily Planet Daily News The Australian Senate Economic Legislation Committee submitted the Digital Assets (Market Supervision) Bill 2023. The bill aims to implement a digital asset licensing regime and establish reporting requirements for the circulation of Australia's CBDC. The bill also provides clear definitions for digital assets, digital asset exchanges and stablecoins, and proposes authorization requirements for digital asset exchanges, digital asset custody authorization requirements, stablecoin issuance authorization requirements and disclosure requirements for Australian CBDC service providers. Authorities’ regulation of crypto-assets largely depends on whether the asset is considered a financial product. If the assets are financial products, they are regulated under the Corporations Act and the Australian Securities and Investments Commission Act 2001. If the asset is not a financial product, it is regulated under the Competition and Consumer Act. The bill was originally introduced by Senator Andrew Bragg and was first read on March 29, 2023. On March 30, 2023, the Senate transferred the bill to the Senate Economic Legislation Committee for investigation and reporting before August 2, 2023. Since then, the report date has been delayed to September 4 multiple times.