Notice - Consultation Paper - Digital Asset Business Amendment Act 2021 (2021-11-29)

Summary

This is a BMA notice announcing a consultation on proposed amendments to the Digital Asset Business Act 2018 (DABA) and related Digital Asset Business Rules. It sets out the key areas the proposed Bill will address and invites feedback from the digital asset industry and other interested persons.

• New definitions: Introduction of new defined terms for digital assets lending or borrowing, digital assets repurchase transactions, and providers of these services.
• New DAB activity: Inclusion of a new activity within the scope of digital asset business.
• IBA exemption: A proposed exemption for entities already licensed under the Investment Business Act 2003.
• Exemptions procedure: A change in the approach used for the exemptions procedure.
• Administrative penalties: Clarification of provisions relating to administrative penalties.

The BMA is also seeking comments on the accompanying Digital Asset Business (Exemption) Rules 2021. This is a consultation only, with no binding requirements yet in force; any resulting changes would take effect through subsequent legislative and regulatory action.

Key obligations

• Interested persons and digital asset industry participants wishing to comment must submit their views via the BMA's survey link (or QR code) no later than 7 January 2022.

Applies to

digital asset business licensees, entities licensed under the Investment Business Act 2003, digital asset industry participants

Deadlines

• 7 January 2022: Deadline for submitting comments on the Consultation Paper and the Digital Asset Business (Exemption) Rules 2021.

Related documents

• This document amends Digital Asset Business Act 2018