On 19th May 2021, the Senate Select Committee on Australia as a Technology and Financial Centre published their third issues paper. This issues paper talks to one of the revised terms of reference that were added to the Committee’s terms on 18th March 2021, namely opportunities and risks in the digital asset and cryptocurrency sector.
In relation to this term of reference, the Committee will focus on:
-
The regulation of cryptocurrencies and digital assets
In particular the Committee will focus on opportunities posed by blockchain and digital asset technology and look at a comprehensive regulatory framework for cryptocurrency and digital assets, taking examples from other comparable jurisdictions.
-
Issues relating to ‘debanking’ of Australian FinTechs
Following a number of high profile FinTechs that have had their bank accounts shut down, the Committee will look at the policy framework and role of regulators with debanking.
-
Policy environment for neobanks in Australia
Given recent developments with Xinja Bank and 86 400, the Committee will investigate the policy environment for neobanks to ensure competition.
-
Instances of corporate law holding back investment; and
-
Options to replace the Offshore Banking Unit.
Submissions can be made on the above and on Australia’s competitiveness more broadly by email: fintech.sen@aph.gov.au.
Submissions close on 30 June 2021.
Key contacts
Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.