#DigitalAssetBill #DigitalAssetBill
There are two notable digital asset bills:
- *Digital Assets (Market Regulation) Bill 2023 (Australia)*: This bill aims to regulate digital asset exchanges, custody services, and stablecoin issuance in Australia. It also proposes additional duties for the Parliamentary Joint Committee on Corporations and Financial Services regarding digital assets and central bank digital currency.
- *Key Provisions*:
- *Regulatory Framework*: Establishes a framework for digital asset exchanges and custody services
- *Reporting Requirements*: Requires authorised deposit-taking institutions to comply with reporting requirements related to designated central bank digital currency
- *Committee Duties*: Provides for additional duties of the Parliamentary Joint Committee on Corporations and Financial Services in relation to digital assets and central bank digital currency
- *Property (Digital Assets etc) Bill (UK)*: This bill clarifies that certain digital assets, such as crypto-tokens and non-fungible tokens (NFTs), can be recognized as personal property under English and Welsh law.
- *Key Provisions*:
- *Recognition of Digital Assets as Property*: Confirms the existence of a third category of personal property for digital assets
- *Increased Legal Protection*: Provides owners with increased legal protection against fraud and scams
- *Global Leadership*: Aims to keep England and Wales at the forefront of the global tech industry
The UK bill has undergone several stages, including ¹ ²:
- *Second Reading*: Took place in Grand Committee on November 6, 2024, and was formally taken in the House of Lords chamber on November 13, 2024
- *Committee Stage*: A Special Public Bill Committee took place on February 3, 2025, where the bill was reported with amendments
- *Third Reading*: Scheduled for May 8, 2025, where members will make final checks to ensure the bill is effective and workable
These bills demonstrate efforts to establish clear regulations and legal frameworks for digital assets in Australi