Australia's legislature is considering a new bill, introduced by Senator Andrew Bragg, that could establish a licensing framework for cryptocurrency trading platforms.
With the industry facing regulatory ambiguity, Bragg underscores the urgency to develop suitable legislation via parliamentary action.
The bill outlines three types of licenses for exchanges, custodians as well as stablecoin issuers such as Tether.
Senator Bragg highlights the importance of swift measures for ensuring proper regulation through parliament, contrasting it with the somehow clandestine approach taken in the US.This development follows legal proceedings initiated by American regulators against Binance and Coinbase, the world's leading crypto trading platforms.
Binance, the largest crypto trading platform globally, faces a lawsuit from US authorities for allegedly operating unlawfully in the country and violating financial statutes.
The Securities and Exchange Commission (SEC) issued a Wells notice to crypto behemoth Coinbase, cautioning about potential breaches of U.S. securities regulations.
Earlier this year, the Australian administration published a token mapping consultation document.