The Australian government on Wednesday will announce the largest reform of payment systems in 25 years, including crypto, treasurer Josh Frydenberg said.
In an attempt to modernize Australia’s payment systems, the new regulations will “broaden the definition of regulatable services and products”, pull cryptocurrencies and digital assets “out of the shadows” and incorporate them into a regulatory framework. “That’s what Frydenberg said in an interview with 7NEWS Australia on Wednesday.
Companies that buy and sell Cryptifriden must have a license to bring security and security to users, said the treasurer.
The government will also create a licensing plan for crypto exchanges next year, the Australian Financial Review reported.
According to Frydenberg, the Ministry of Finance will also work with the central bank on a digital currency.
In October, an official with the Reserve Bank of Australia said there were no strong arguments in favor of CBDC in Australia, but the central bank was accelerating its development to stay ahead of global competition.
More than 800,000 Australians own some form of crypto-asset, Frydenberg said, accounting for about 3% of the population, significantly fewer than previous estimates based on online surveys.
The proposed treasure wall government will also “buy now, pay later” to services.
There are more than 5 million accounts for such services in Australia, he said.
The Australian Senate formed a committee to investigate crypto regulations in March, which submitted a report to lawmakers on October 20.
