The Australian Legislative Council submits the "Digital Assets (Market Regulation) Bill 2023"

ChainCatcher news, the Australian Senate Economic Legislation Committee submitted the Digital Assets (Market Regulation) Bill 2023, which aims to implement a digital asset licensing system and establish reporting requirements for the circulation of the Australian Central Bank Digital Currency (CBDC). The bill also provides clear definitions for digital assets, digital asset exchanges, and stablecoins, as well as requirements for the authorization of digital asset exchanges, digital asset custodians, stablecoin issuers, and disclosure requirements for Australian CBDC service providers.

The government's regulation of crypto assets largely depends on whether the asset is considered a financial product. If the asset is a financial product, it is regulated under the Corporations Act and the ASIC Act. If the asset is not a financial product, it is regulated under the CC Act.

The bill was initially proposed by Senator Andrew Bragg and was first read on March 29, 2023. On March 30, 2023, the Senate referred the bill to the Senate Economic Legislation Committee (the Committee) for investigation and report by August 2, 2023, after which the reporting date was postponed multiple times to September 4.