Senator Bragg leads a campaign for the regulation of crypto and other related services after tabling the Digital Assets Bill in parliament in a bid to protect customers and preserve the country’s interests.
Andrew Bragg releases a draft bill to regulate crypto exchanges, stablecoins, and the digital Yuan. The Australian senator claims that the country must keep pace with the global race for regulation of crypto.
Bragg also believes that crypto regulation plays a significant role that driving law reforms in Parliament. Some of the digital assets targeted include China’s Central Bank Digital Currency, the e-yuan.
The Digital Assets Bill 2022
Titled Digital Assets Bill 2022, the new draft calls for the introduction of licenses that will serve digital exchanges. Other targeted parties of the move include digital assets custody services and stablecoin issuers. Disclosure requirements for facilitators of e-yuan will as well affect the parties.
Australia aims to protect consumers, promote investments and protect its interests. Senator Bragg reiterated that the bill will provide an effective regulatory framework. In addition, the bill will also provide a platform for reporting information by certain banks. The banks discussed in the bill will facilitate the use or availability of e-yuan.
The banks will also lay out additional duties for governing bodies. The duties will remain in line with the regulation of digital assets and digital yuan. The senator claims that the move reflects a state of preparedness and information gathering.
Measures Taken
The liberal senator displays many skills and expertise in reviewing the country’s crypto space. Bragg said that Australia possesses quite a risk exposure as an economy. The risk exposure gives the government enough motive to build a serious program for managing disruption.
The program will manage risks that emanate from the development of a CBDC. Bragg reiterated that Australia will not benefit from a CBDC. He believes that this remains unachievable due to privacy issues. He further insisted that the Australian government needs to put in measures to deal with CBDC issues. The Governor of the Reserve Bank of Australia also insisted on the same.
Apparently, the draft bill stays open until 31st October. The move will enable community participation and the relay of feedback.
Last month, the treasury stated that it will prioritize token mapping work in 2022. The move aimed at identifying how crypto and related services should be regulated.
Senator Bragg’s Crypto Journey
Senator Bragg’s journey on crypto and regulation of digital assets portrays a great sense of effort. The liberal represents an outspoken advocate for cryptocurrency since his election in 2019.
The senator pushed for a clear regulatory framework for digital assets and crypto companies. The senator rallied a lot of support during the push for 2021. The push aimed at preventing local startups from moving overseas.
He then conducted an inquiry into matters dealing with crypto regulation. The senator also familiarized himself with the risks and opportunities before tabling the bill.
