Australia's Treasury to Include Stablecoin Rules in Crypto Bill Draft, ASIC's Warning For Crypto Entities
Summary
Australia's regulators plan to introduce a draft framework for stablecoins and enforce regulations against unlicensed entities in the digital assets sector. The Treasury aims to release draft legislation covering licensing and custody rules for crypto asset providers by the end of 2024. The Australian Securities and Investments Commission (ASIC) is actively monitoring cases overseas and providing guidance, while also warning crypto entities to comply with the law. ASIC will appeal recent judgements in favor of crypto entities and has sued Binance Australia and eToro. Blockchain Australia has rebranded to become the Digital Economy Council of Australia (DECA) and will include a membership category for banks.
