The new Australian crypto bill could usher in a new era of crypto regulation in the country and introduce new stablecoin rules.
A senior official of an Australian regulatory authority has revealed new details on crypto regulation. Chris Adamek highlighted this at a recent event in Blockchain Australia. According to Adamek, the Australian crypto bill will also include stablecoin rules. Regulators in Australia are currently in the midst of drafting the regulation.
Adamek is currently the director of the digital policy unit of the Australian Treasury. He said they would release an exposure draft by the end of 2024. Meanwhile, he noted the stablecoin framework is also one of the regulators’ priorities. On the other hand, another representative of the Australian Securities and Investments Commission (ASIC) was present at the event.
Dr Rhys Bollen from the ASIC spoke at the event regarding crypto regulation. He noted they were in touch with their counterparts in other countries, including the US. Regarding the matter, Bollen specifically stated, “We are actively monitoring cases overseas and interacting regularly with our overseas peers.”
Further, Bollen spoke at length on the issue of crypto entities and advised them. He said the ASIC would monitor whether crypto firms in the country were following the necessary rules.
The comments from both officials come just a couple of days after another crypto-friendly remark. At a discussion at the same Blockchain Australia event, lawmaker Andrew Charlton spoke very highly of crypto and blockchain. He termed the technology a necessary factor for boosting the country’s economy.
Australia also witnessed the launch of a Bitcoin ETF early this month. Similar to the US SEC, Australian authorities also approved the ETF. This could attract new investors to the Australian crypto ecosystem.
Check out Millionero’s blog for the latest updates from the world of crypto and blockchain!