Australia plans to regulate crypto under the payments sector. It is going to be one of the largest reforms in the past 2 decades and will be a major game-changer in space. The government is going pro-Bitcoin, which clarifies that they are expecting quite a lot from this industry in the future. Reports suggest that Australia will bring in payment processors to accommodate cryptocurrencies. So, we can expect that they will become a major country to promote crypto payments in the future.
Australia’s crypto regulations
Australia is planning to launch a framework for crypto exchanges to work within 2022. This will be regarding how things should be done as exchanges hold assets that actually belong to the user. There is also a chance that the government will look into Central Bank Digital Currencies which will be another big development. The country is currently seeing strong crypto adoption, with crypto and digital payments skyrocketing during the pandemic. They are registering almost 55 million daily transactions at present, which shows that cash is becoming a thing of the past.
Yes, the number of crypto payments from the total is going to be small, but it still is a 63% increase in 2021 from 2020. This makes it clear that we are seeing adoption, and slowly more people are beginning to use crypto as it is meant to be. So, the government wants to regulate crypto in such a way that they can monitor these transactions. They even plan to monitor Apple and Google as they are one of the largest payment processors for daily use. It is important that the government has a proper sight of transactions that happen daily which will be made possible here.
The idea behind these regulatory policies
Australia thinks that they need to take care of the payment landscape right now. At present, there isn’t much control over how things are done in the space. This has allowed individual companies to control the sector which they obviously don’t want. There has still been no comment from Apple and Google on the regulations expected to arrive soon. On the other hand, Afterpay, which is another prominent place in the payments industry, says they support it.
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