New Bill Introduced In Australia To Regulate The Cryptocurrency Sector

The Australian parliament is set to introduce a new bill that will regulate the crypto sector. The bill, which was introduced by the government, seeks to provide a framework for the regulation of digital assets and cryptocurrencies in Australia.

The proposed legislation would require businesses dealing in digital assets to register with the Australian Securities and Investments Commission (ASIC). It would also create a licensing scheme for digital asset exchanges and custodians, as well as requiring them to meet certain standards.

The bill would also impose anti-money laundering and counter-terrorism financing obligations on digital asset exchanges and custodians. This means that they would be required to identify their customers, monitor transactions, report suspicious activity, and keep records of customer identification information.

The introduction of this bill is seen as an important step towards providing greater clarity and certainty for businesses operating in the crypto sector in Australia. It is hoped that it will help foster innovation and investment in the sector while ensuring appropriate consumer protection measures are in place.

It is expected that the bill will be debated in parliament later this year. If passed, it could have far-reaching implications for businesses operating in the crypto sector, as well as consumers who use digital assets or cryptocurrencies.


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