The Australian House of Representatives has introduced a new bill that sets out policies and regulations for the provision of cryptocurrency services in the country.

Senator McGinnis Warsaw submitted a private senator bill called the Digital assets (Market Management) Act 2023, which aims to "protect users and promote investors." it mainly includes strict regulatory proposals for stable property, trading center approval and escrow rules.

The proposed stringent regulatory reforms and innovations are generally explicitly put forward by Australian directors. However, as required by the Office of the House Culture and Education Corporation, members of the House of Representatives can explicitly propose bills by individual legislators or individual senators, which may take months or years to be relied upon in the House.

Warsaw brought further information to the submission of the personal bill, criticizing the failure of the Workers' Party government to implement the 12 cryptocurrency regulatory proposals put forward by the House of Lords Australia as a technology and the IFC Task Force in October 2021.

The senator added that Australian customers face market-wide issues, such as the collapse of FTX, because Australian government departments have not taken action to provide control over picture quality.

Australia can become the core of digital assets while maintaining the customers of digital assets. But we must act now.

The bill aims to provide a regulatory framework for cryptocurrency trading centers, escrow services and stable currency publishers, both protecting customers and promoting investment.

It can also push basic guidelines for authorized deposit institutions to report on the central bank's digital money issuance and control.

If so, the Act would require individuals and companies to own licenses granted by the Australian Securities and Investment Commission or other national licenses to operate cryptocurrency exchanges. This will apply to Australia's cryptocurrency escrow service and stable currency publishers.

The bill also defines the various responsibilities and requirements of trading centers and custodian services for long-term stability of bond investors. These initiatives include asset or minimum risk reserve requirements, separation of customer assets, reporting of customer positions, financial audits, and ensuring and publishing allocations.

At this stage, Australia has conducted public information on cryptocurrency and various types of digital asset dynamic passwords, services and service platforms. The "token Mapping" information document was released in February this year, outlining the basic definition of the cryptocurrency field.

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