Significant reforms coming to Australia’s payment systems in more than 25 years

The Morrison Government is today progressing to the next stage of the most significant reforms to Australia’s payment systems in more than 25 years, ensuring Australia can capitalise on the significant opportunities being created by new payment and crypto technologies.

Consistent with our announcements in December 2021 in response to the final report of the Senate Select Committee on Australia as a Technology and Financial Centre, the Government has released a paper seeking industry’s feedback by the end of May on proposed new crypto asset licensing and custody requirements. The paper also covers the first stage of a broader token mapping exercise to be completed by the end of 2022.

In addition, the Government has today released the terms of reference for a review by the Board of Taxation into the appropriate policy framework for the taxation of digital transactions and assets such as crypto. The review is being conducted on the basis it will not increase the overall tax burden.

The Board has been asked to complete its review by 31 December 2022.

The Government is also releasing the terms of reference covering its request for advice from the Council of Financial Regulators (CFR) on potential policy responses to address the issue of de-banking for financial technology firms, digital currency exchanges, and remittance providers.

The CFR has been asked to provide advice to the Government by the end of June 2022.


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