Australia regulates the crypto sector as part of the payment reform-regulation
Australia regulates the crypto sector as part of the payment reform-regulation
The Australian government is preparing to comprehensively regulate the activities of cryptocurrency exchanges and storage. The advance is part of a comprehensive revision that aims to preserve the sovereignty of the country through its payment system, which will also affect providers such as Apple and Google.
Payment laws in Australia to cover crypto transactions and Big Tech
The Australian authorities are preparing to update the nationwide legislation for payments as part of the largest reform in the industry for over two decades. The changes will expand the regulatory framework in order to include new payment processors in the online area, including those that deal with cryptocurrencies.
In 2022, the government will include consultations about the establishment of a license framework for crypto exchanges and the regulation of platforms that keep digital assets on behalf of customers, Reuters reported. Canberra also wants the feasibility of a digital central bank currency ( cbdc ) Australia.
With a daily number of 55 million, cashless payments, including crypto transactions, are deployed, while the Covid 19 pandemic gave up, as many Australians have turned online options. Almost half of them use their phones to make payments, while in 2021 the crypto transactions rose by 63 % compared to the previous year.
Australia's plan to expand its payment regulations also aims to cover online transaction processors such as Apple and Google as well as immediate purchase providers such as afterpay. The aim is to put an end to your unattended operations in the country. In terms of the need for the changes, Federal Treasurer Josh Frydenberg warned:
If we do not reform the current framework, Silicon Valley will determine the future of our payment system. Australia must keep its sovereignty over our payment system.
Google and Apple have not yet commented on the announcement, but a spokesman for AfterPay was quoted with the statement that the company supports "every approach that takes into account the consumer benefit from the innovation and the competition that AftPay launched on the market". The platform agreed to a buyout from the payment company Square by the Twitter founder Jack Dorsey, said Reuters.
Australia's step comes at a time when a number of other large economies take steps to determine their regulatory policy in relation to financial innovations, including cryptocurrencies. not like china and India , for example, Australia is preparing for a more inclusive approach, similar to the United States, the report suggests.
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