Stablecoins to Be Included in Australia's Upcoming Crypto Regulation

IconCryptoNewsTerminal Staff13 Jun, 2024

cryptonews.jpg

Stablecoins to Be Included in Australia's Upcoming Crypto Regulation

Stablecoins will be included in Australia's upcoming crypto regulation, according to CoinDesk. The Australian Treasury previously announced plans to release draft legislation by the end of 2024, covering licensing and custody requirements for crypto firms. Industry insiders have confirmed that stablecoins will be a key component of the proposed legislation. "The draft legislation addresses a range of areas, each with varying priorities," said Chris Adamek, the Treasury's director of digital assets policy. In addition to stablecoins, the legislation is expected to focus on licensing and custody requirements for crypto exchanges and other service providers. The Australian Securities and Investments Commission (ASIC) has been actively monitoring developments overseas and has stated that it will appeal a recent court ruling in favor of crypto firms involved in an earlier lawsuit. The inclusion of stablecoins in Australia's crypto regulation is a significant step, as it will provide greater clarity and certainty for businesses operating in the sector. It is also likely to encourage further innovation and investment in the Australian crypto market.

Related News