Australia’s Treasury to Include Stablecoin Rules in Crypto Bill Draft, ASIC’s Warning For Crypto Entities

Australia’s Treasury has announced plans to include regulations for stablecoins in its upcoming draft bill for the digital assets sector. This development follows discussions between the Australian Securities and Investments Commission (ASIC) and regulatory bodies such as the SEC to align their legal positions on cryptocurrencies. During an event in Sydney, ASIC revealed its intentions to introduce a draft framework for stablecoins and emphasized that more enforcement actions against unlicensed entities are forthcoming. The Treasury’s draft legislation, originally intended to cover licensing and custody rules for crypto providers, will now incorporate regulations for stablecoins as well. ASIC is actively monitoring international cases and collaborating with global counterparts to enhance its understanding of digital asset firms and strengthen its regulatory approach. The regulatory authority also cautioned crypto entities to align their operations with the precedents set in recent cases filed against them. Notably, ASIC plans to appeal recent judgments favoring crypto entities. This news comes amidst increased scrutiny of the crypto industry in Australia, including lawsuits against major platforms and partial restrictions imposed by banks. Additionally, Blockchain Australia has rebranded as the Digital Economy Council of Australia (DECA), with plans to include a membership category for banks.