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The regulatory authorities of Australia are working to integrate the norms on stablecoin into their draft law concerning the crypto sector. A representative of the Australian Securities and Investments Commission stated that they had meetings with regulatory bodies, such as the SEC, to discuss their legal positions on cryptocurrencies. Let’s see all the details below.  New regulations coming to Australia: the cryptocurrency bill includes provisions on stablecoins As anticipated, the Australian regulatory authorities have recently provided updates on their plans for the digital asset sector.  Including the introduction of a draft regulation for stablecoins, and they suggested an increase in actions against unauthorized entities during an event in Sydney, held on Wednesday. The event, titled “Digital Assets: Anchoring the Digital Economy”, was organized by Blockchain Australia, the national reference body for the sector. The Australian Treasury had previously announced the intention to publish a draft law to establish licensing and custody rules for criptovalute providers by the end of 2024. Now, that draft could also include a regulatory framework for stablecoins. Chris Adamek, director of the digital assets policy unit at the Australian Treasury, stated:  “The reforms of the digital asset platform are being drafted at the Office of Parliamentary Counsel (responsible for drafting and publishing Australian laws) and the draft is expected to be released by the end of the year. In the drafting process, there are various reforms with different priorities, including those on payments that encompass the proposed framework for regulating stablecoins. These reforms could be released simultaneously due to their interconnection.” The Australian Securities and Investments Commission (ASIC) has stated that it is working with the government to provide advice to colleagues at the Treasury.  Furthermore, it holds regular meetings with global counterparts, including the EU, Singapore, Malaysia, Hong Kong, and North America, to better understand…

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Filed under: News - @ June 14, 2024 4:16 am