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Labor Outlines Regulatory Plan to Fuel Blockchain Innovation in Australia if Re-elected
- Australia's Treasurer, Jim Chalmers, announces plan to regulate digital assets industry in Labor's second term, if re-elected.
- The regulatory plan aims to establish new rules for digital assets platforms, focusing on investor asset protection and regulation of payment providers including stablecoins.
- The government emphasizes fostering innovation while enhancing consumer protections in the digital assets industry.
- Draft legislation for the proposed framework will be released for public consultation if Labor wins reelection.
- The Digital Economy Council of Australia supports the government's efforts to engage the industry and align with international best practices.
- The framework includes requirements for digital asset platforms to meet banking obligations and implement new rules to safeguard users' assets.
- Payment service providers using stablecoins will face significant reforms under a new comprehensive framework for payments licensing.
- Certain stablecoins and wrapped-tokens providers will be exempt from financial markets licensing requirements.
- The new regime primarily focuses on mitigating risks associated with custody arrangements in the digital assets industry.
- Labor's digital asset framework publication coincides with increasing influence of crypto in the upcoming federal election in Australia.
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