The event titled “Digital Assets: Investing in the Digital Economy”, hosted by the Australian Blockchain Association, took place in Sydney on Wednesday. The Australian Blockchain Authority is the country’s policy-making body in this field.

Australia’s Treasury Department had previously announced that it plans to publish draft laws covering licensing and custody rules for crypto asset providers by the end of 2024. Now, these draft laws may also include a framework for regulating stablecoins.

“Digital asset platform reforms have been put into drafting stages at the Parliamentary Advisory Office, which is responsible for drafting and publishing Australian laws. This aims to have the draft legislation published by the end of this year,” said Chris Adamek, director of the Australian Treasury’s digital asset policy unit.

“There are several reforms included in this drafting process, each with different priorities. Alongside payment reforms, this will also include our proposed framework for regulating stablecoins. These reforms will be addressed one after the other. Given this overlap, representatives from each “Hoping for both to be published at the same time.”

The Australian Securities and Investments Commission (ASIC) said it is advising colleagues at the Treasury and holds regular meetings with counterparts in countries such as the EU, Singapore, Malaysia, Hong Kong and North America to learn more about the cases they are bringing against digital asset firms. .

Senior executive lead for Digital Assets at ASIC, Dr. “We are actively pursuing overseas cases and are in regular contact with our foreign colleagues,” Rhys Bollen said. “We had an hour-long phone conversation with the U.S. Securities and Exchange Commission (SEC) this morning to talk about their work and what we can learn from it. We’ve had half a dozen cases related to digital assets and cryptoassets so far, and there will be more.”

Additionally, the ASIC representative emphasized that while they have and will continue to provide guidance to the industry, they are also subject to the law. He warned cryptocurrency organizations to abide by the precedents established in their recent lawsuits against crypto asset providers.

Addressing industry representatives, Bollen said, “When was the last time you reviewed the tokens listed on your platform? When was the last time you reviewed the products and services you offer? When was the last time you consulted with your lawyers about where the current understanding of the law is based on the last six months of cases? “If you haven’t done it in four months, you should reconsider where you stand,” he said.

Bollen also stated that ASIC will partially appeal the recent decisions made in favor of crypto money institutions such as Block Earner and BPS Financial Pty Ltd (BPS). ASIC recently sued Binance Australia and social investment platform eToro, while major banks in the country have imposed partial restrictions on cryptocurrency, citing fraud concerns.

The Australian Blockchain Association has changed its name to the Digital Economy Council (DECA) and will now include banks in its membership categories.