From www.claytonutz.com: The Australian Government has proposed a new regulatory framework for the digital asset industry to ensure innovation while managing risks and protecting consumers.

This framework includes the establishment of regulations for Digital Asset Platforms (DAPs) and payment stablecoins, aiming to align with international best practices and enhance the sector’s global competitiveness.

The reforms will require compliance with established obligations for financial service providers and focus on facilitating a smooth transition for businesses and stakeholders involved in the digital asset ecosystem.