Australia to review laws regulating Bitcoin (BTC) wallet transactions

The Australian government reports that the country’s legislative bodies are developing statutory instruments to regulate digital payment applications and crypto services supervised by Google, Apple and other major tech companies.

What to expect?

Apple Pay, Google Pay and WeChat Pay are the three services under the government’s scrutiny. These applications have grown exponentially in recent years, however, they aren’t actually designated as payment systems. This puts them just outside the scope of existing regulations.

The Australian government recommended to include these technology companies on the list of payment service providers until their regulatory status is clarified. The authorities also stated that there was the need to develop a strategic plan for launching a unified licencing system for payment services.

Fearing Silicon Valley takeover, government Treasurer Josh Frydenberg said, “Ultimately, if we do nothing to reform the current framework, it will be Silicon Valley alone that determines the future of our payments system, a critical piece of our economic infrastructure.”

According to Beincrypto, Australia is going through a stagnation in the cryptocurrency field, which might stem from the lack of leadership in the industry. At the same time, Australian banks reported an increasing number of transactions conducted through digital wallets.

Plus d’actions

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Back To Top


Get the best and most up-to-date crypto news straight to your inbox

Newsletter subscription


Read the latest newsletters
Click here

Free coaching

Free coaching/ Receive a free hour of coaching with an expert/ Fill in this form and our expert will contact you within 48 hours./Log into your coaching portal

© Copyright Cointribune - tous droits réservés

Agence Tempo