Australia Outlines Plans to Modernise Its Financial System

Australia has outlined plans to overhaul its financial services law to regulate buy now, pay later and improve the regulatory framework for cryptocurrency companies.

The Australian Government has committed to implementing reforms in 2023 to modernize the country’s financial system to embrace new economic opportunities and meet future challenges.

We are planning to:

  1. Updating and enhancing the Australian payment system
  2. Strengthening financial market infrastructure
  3. Establish a regulatory framework for Buy Now, Pay Later (BNPL)
  4. Establish a framework for licensing and regulation of crypto service providers

We will work with regulators, industry, consumers and business representatives to publish a ‘Strategic Plan’ for the future of Australia’s payment system in the first quarter of 2023. This week, consultation form It will help you complete your plan.

The paper seeks views on questions including principles for supporting world-class payment systems, priorities that reflect the evolving payments environment, and support for reform initiatives and actions.

“Unfortunately, our regulatory structure has not kept pace with market changes,” said a joint Australian Treasury Secretary release. Jim Chalmers Assistant Treasurer and Minister of Financial Services Stephen Jones“In many areas, the previous administration was in a dictatorship. In others, it was announced but not delivered.”

crypto regulation

prime minister Anthony AlbaneseThe government is also taking steps to improve regulation of crypto service providers.

Next steps in the government’s ongoing “token mapping” work include the release of a consultation document in early 2023 to inform which digital assets need to be regulated by the Financial Services Act, and to protect consumers. including the development of appropriate storage and licensing arrangements for .

Following the token mapping release, the government will also discuss a custody and licensing framework before introducing legislation next year.

The paper also seeks to explore the policy rationale for CBDCs in Australia, including exploring the economic, legal, regulatory and technical considerations associated with CBDCs in Australia.

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