Australia must retain its sovereignty over our payment system. If we do not reform the current framework, it will be Silicon Valley that determines the future of our payment system. Speaking on the need for the amendments, Federal Treasurer Josh Frydenberg warned: The goal is to put an end to their unsupervised operations in the country.
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Close to half of them are using their phones to make payments while in 2021 those transacting in crypto have increased by 63% over the previous year.Īustralia’s plan to broaden its payment regulations also aims to cover online transaction processors such as Apple and Google as well as buy-now-pay-later providers like Afterpay. With a daily number now reaching 55 million, non-cash payments, including crypto transactions, have spiked during the Covid-19 pandemic as many Australians have turned to online options. Canberra also wants to explore the feasibility of a central bank digital currency ( CBDC) issued by the Reserve Bank of Australia. In 2022, the government will begin consultations on the establishment of a licensing framework for crypto exchanges and the regulation of platforms holding digital assets on behalf of clients, Reuters reported. The changes will expand the regulatory framework to encompass new payment processors in the online space including those dealing with cryptocurrencies.
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#KARTRIDER WIKI UPDATE#
Payment Laws in Australia to Cover Crypto Business and Big TechĪuthorities in Australia are gearing up to update the nation’s legislation governing payments in the largest reform of the industry in over two decades. The push is part of a major overhaul, aimed at preserving the country’s sovereignty over its payments system, which will also affect providers like Apple and Google. The government of Australia is preparing to comprehensively regulate the activities of cryptocurrency exchanges and custodians.