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ARTICLE · 07 JUNE 2023

Senate to report on draft bill on licensing and custody framework for digital assets and stablecoins

Piper Alderman
Piper Alderman
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Piper Alderman

Piper Alderman

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The development of a bespoke legislative framework is vital for consumer protection & to support innovation in the fin-tech area.

AustraliaTechnology
Michael Bacina
Michael Bacina
Steven Pettigrove
Steven Pettigrove
Jake Huang
Jake Huang
Kelly Kim
Kelly Kim
Luke Higgins
Luke Higgins
Luke Misthos
Luke Misthos
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The Senate Economics Legislation Committee is currently reviewing the draft Digital Assets (Market Regulation) Bill 2023. The bill was introduced as a private member's bill by Senator Bragg and seeks to establish a licensing framework for cryptocurrency exchanges, custodians and stablecoin issuers. The Piper Alderman Blockchain team filed a submission to the review proposing a more ambitious and comprehensive regime in order to fully grasp the opportunities and efficiencies unlocked by blockchain technology. The Committee is due to report back by 2 August 2023.
The submission is set out below in its entirety. The comments within are the authors' own and do not necessarily represent the views of the Piper Alderman partnership.

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