Australian Treasurer Josh Frydenberg speaking ot 7News Australia. (Screenshot: CoinDesk)
Australia will announce its biggest reform in the country’s payment systems in 25 years, including crypto, on Wednesday, Treasurer Josh Frydenberg said.
- In an attempt to bring rules for Australia’s payment systems up to date, the new regulations will “broaden the definition of services and products that can be regulated,” taking cryptocurrencies and digital assets “out of the shadows” and into a “world-leading” regulatory framework, Frydenberg said in an interview with 7NEWS Australia on Wednesday.
- Firms that buy and sell cryptocurrencies will have to be licensed to bring safety and security to users, the treasurer said. The government will also work out a licensing plan for crypto exchanges next year, the Australian Financial Review reported.
- In October, an official from the Reserve Bank of Australia said that there is no strong case for a central bank digital currency in Australia, but that the central bank was ramping up its development to stay ahead of global competition.
- The treasurer’s proposed regulation will also take aim at “buy now, pay later” services. More than five million accounts for such services exist in Australia, he said.