Treasury releases draft legislation for crypto bill
Assistant Treasurer Daniel Mulino this morning unveiled a draft of Labor's long-awaited digital assets legislation, which he says is "about legitimising the good actors and shutting out the bad."
Assistant Treasurer Daniel Mulino on Thursday morning unveiled draft legislation outlining Labor's long-awaited cryptocurrency regulatory regime.
Addressing an audience at the Digital Economy Council of Australia’s regulatory summit, Mulino explained Labor's plan is to expand existing financial services rules to encompass digital assets.
"The final legislation will introduce a new framework for digital asset businesses in Australia," Mulino said. "It will do so by extending existing financial services laws but in a targeted way."
The legislation proposes that "digital asset platforms" and "tokenised custody platforms" be formally introduced as financial products to be governed under the Corporations Act, rules overseen by ASIC.
