Senator Andrew Bragg has introduced a private senators' bill to the Australian parliament titled the Digital Assets Bill 2023, proposing regulations for cryptocurrency services in the country. The bill includes regulatory recommendations for stablecoins, licensing of exchanges, and custody requirements to protect consumers and promote investment. If passed, the bill would require a license granted by the Australian Securities and Investments Commission (ASIC) or a foreign license to operate a cryptocurrency exchange, custody service, or stablecoin issuer in Australia. The bill also sets out obligations and requirements for exchanges, custody services, and stablecoin issuers, including capital or minimum reserve requirements, segregation of customer funds, and reporting on customer holdings. Public consultation is ongoing in Australia over the classification of cryptocurrencies and various digital asset tokens, services, and platforms.

Regulation of Cryptocurrencies is becoming more important as their use becomes more widespread. Because of the dynamic nature of the Cryptocurrency industry, it is essential to monitor changes in Cryptocurrency legislation throughout the world.

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Australia's Prudential Regulation Authority (APRA) has asked banks to report their exposure to startups and crypto-related business, in some cases on a daily basis, the Australian Financial Review (AFR) reported, citing sources. The (APRA) is an independent authority accountable to the Australian Parliament and is concerned with maintaining the safety and soundness of financial institutions to protect the interests of depositors and other stakeholders. The APRA has "begun asking banks to declare their exposures – in some cases daily – to start-ups and crypto-focused ventures," AFR cited the sources as saying. (Coindesk)

Australia’s prudential regulator has reportedly asked local banks to report on cryptocurrency transactions amid the ongoing contagion of Silicon Valley Bank’s (SVB) collapse.

Mastercard will reportedly power the card for Australian stablecoin firm Stables, as announced by mutual partner Marqeta in a March 20 press release.

The trade association for the Australian banking industry — Australian Banking Association (ABA) — launched a cost of living inquiry to closely study the impact of the COVID-19 pandemic, global supply chain constraints and geopolitical tensions, among others, on Australians.

Australia's central bank and Treasury have held private meetings with international crypto industry executives on the future of digital assets and regulation in the nation, according to The Australian.

On March 2 the Reserve Bank of Australia published the list of chosen use cases for its CBDC research project. A list of 14 use cases includes payment, tax automation, corporate bond settlement with ABE, and Web3 commerce with Mastercard.

Crypto legislation in Australia may be delayed until 2024 or later, as the government is looking forward to taking its time in order to get a complete picture of the industry.