For the first time in over 20 years, Australia will propose its regulatory framework for digital and crypto payment systems. The country will also broaden its payment laws to cover online transactions such as buy-now-pay-later (BNPL) where the Treasurer will be given the power to direct policies addressing gaps in the regulatory framework. The new Treasurer, Josh Frydenberg said the government would begin consultation in early 2022.
Read the original article here: https://www.reuters.com/markets/currencies/australia-plans-update-regulatory-framework-payment-systems-2021-12-07/