Australia: Introduced Digital Assets (Market Regulation) Bill 2023

On 29 March 2023, Digital Assets (Market Regulation) Bill 2023 was introduced in the Australian Senate. The Bill aims to create a regulatory framework for cryptocurrency exchanges, custody services, and stablecoin issuers to safeguard investors' interests and protect consumers. The Bill would require any organisation wishing to operate a cryptocurrency exchange to obtain a licence from the Australian Securities and Investments Commission or possess a foreign equivalent. Furthermore, the Bill outlines obligations for stablecoin issuers and cryptocurrency custody services providers, including minimum capital or reserve requirements, customer fund segregation, reporting on holdings, auditing, assurance and disclosure agreements requirements.