Join the larget crypto conference of 2023 in Bitcoin

OKX BOTS

A new proposed law will prohibit unlicensed stablecoin operations in Australia

A new proposed law will prohibit unlicensed stablecoin operations in Australia 6

An Australian Lawmaker proposed a new bill to introduce a new regulatory framework for the Chinese CBDCs users, stablecoin issuer companies & crypto exchanges.

Australia is a tech-adaptive region in the world but due to a lack of better & clear regulatory policies, the majority of the crypto companies faced huge problems with local banks. Perhaps a few Australian lawmakers raised their hand in support of the crypto industry to make the laws clear but that was not enough for the Aussie crypto industry.

On 19 September, Financial Review reported that Andrew Bragg, an Australian Liberal Senator, drafted a bill “Digital Assets (Market Regulation)” to bring a regulatory framework to the crypto industry. 

The proposed crypto bill is targeting the regulation of stablecoins, crypto exchanges, and the Chinese digital yuan (e-CNY or e-Yuan).

Under the proposed bill, all the stablecoin issuer companies will be required to have a crypto license and also required to report the audit of reserved funds behind the stablecoin every quarter. Stablecoin companies will remain restricted to hold the backend reserved funds in local Australian banks. And this new rule was planned because of the recent case of TerraUSD, which collapsed to around zero value. 

Senator Bragg said:

“What we’ve seen in the last six months or so has been the collapse of major stablecoins, including the US stablecoin Terra. <…> It’s very important that we protect consumers against any unnecessary harm.”

The citizens of Australia will also be required to report all minor activities associated with the transactions linked with Digital Yuan, or say Chinese CBDCs. 

In addition to these new policies, digital assets platforms would require conduct regulation, separation of customer funds, disclosure, and cybersecurity requirements for individuals based in Australia. In short, the proposed crypto bill will introduce a better ecosystem for the crypto industry.

Read also: A hacker drains more than $2.1M from Ethereum ‘vanity addresses’

A new proposed law will prohibit unlicensed stablecoin operations in Australia

 

https://bitcoinik.com/a-new-proposed-law-will-prohibit-unlicensed-stablecoin-operations-in-australia/feed/

https://bitcoinik.com/a-new-proposed-law-will-prohibit-unlicensed-stablecoin-operations-in-australia/feed/

 

 

 

 

 

Ads by Cryptonews24

OKX - Moon Trade

Moon Grid trading bot
OKX’s new Moon Grid bot automatically buys low and
sells high within a wide price range using artificial intelligence based on market backtesting.
Quick to set up with smart entry and exit points!

How does it work?

  • Select Trade in the main menu, then select Trading bot.
  • Select a spot trading pair from the Trading bot menu.
  • Select Moon Grid from the listed strategies.
  • Enter the amount you want the bot to trade and click Create.
  • Your bot will then be live.
  • To view and manage your Moon Grid bot, select Bots at the bottom of the trading dashboard.

 

Trade with Moon Grid now
 

—————————————————————————————————————————————-

Ads by Cryptonews24

 

 

 

Risk Reminder:
Trading foreign exchange and/or contracts for differences on margin carries a high level of risk and may not be suitable for all investors.
The possibility exists that you could sustain a loss in excess of your deposited funds.
Before deciding to trade the products reviewed by Cryptonews24.eu, you should carefully consider your objectives, financial situation, needs and level of experience.
You should be aware of all the risks associated with trading on margin.
Cryptonews24.eu provides general news and advice that does not consider your objectives, financial situation or needs.
The content of this website must not be construed as personal advice.
Cryptonews24.eu recommends you seek advice from a separate financial advisor.
Nothing on this website should be considered financial advice.
This website is for informational purposes only and you should not rely on anything that is printed or said on this website to make any financial decisions.

 

Please follow and like us:
Social media & sharing icons powered by UltimatelySocial