Australia makes biggest payments reform in 25 years

What

Australian government will overhaul its regulatory framework around crypto exchanges

Why

Over 800,000 Australians have owned a form of cryptocurrency and that number is expected to rise going into 2022

What next

New regulations will “broaden the definition of services and products that can be regulated,” according to Treasurer Josh Frydenberg

The story

As part of a drive to modernise Australia’s payment systems, the Australian government is set to revamp its regulatory framework around cryptocurrency exchanges by “broadening out the definition of the services and the products that can be regulated.”

This is according to Australian Treasurer Josh Frydenberg, who aims to “take this area out of the shadows and bring it into a considered regulatory framework, which is world-leading.”

“We want those businesses that are buying and selling cryptocurrencies to be properly licensed,” in order to “provide greater certainty and security to those people who are transacting in that area,” said Frydenberg.

The Australian government will begin consultation on establishing a licensing guideline for digital exchanges in early 2022.

Over 800,000 Australians have owned a form of cryptocurrency, which equates to around 3% of the population.