According to TechFlow, Australian regulators plan to include stablecoin legislation in the legislative bill for the digital asset industry.
Representatives from the Australian Securities and Investments Commission said they have held meetings with regulators such as the U.S. Securities and Exchange Commission to discuss the legal position on cryptocurrencies.
The Australian Treasury plans to publish draft legislation covering licensing and custody rules for crypto asset providers by the end of 2024, which may include a stablecoin regulatory framework.
ASIC said it will continue to provide guidance and warned crypto entities to follow the precedent of recent cases brought against crypto entities. Blockchain Australia has now been renamed the Digital Economy Council of Australia (DECA) and will include membership categories such as banks.