20 March 2023
The Australian Banking Association (ABA) welcomes the Treasury’s consultation and the role that this initiative can play in developing a crypto regulatory regime in Australia. Regulation of crypto assets The Reserve Bank’s retail Central Bank Digital Currency trial highlights the potential for crypto assets to benefit the economy, with a role for banks, payments, financial markets and fintechs. The crypto assets market continues to grow. An estimated 25.6% of Australians own crypto assets,1 and the global cryptocurrency market rebounded to an estimated US$1.08 trillion in early 2023.
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The Australian Banking Association welcomes the opportunity to comment on the Consultation Paper – 2026 Reforms to the AML/CTF Act.
The ABA appreciates the opportunity to contribute to the RBA’s Review of Merchant Payment Costs and Surcharging (Proposals Paper).
The ABA thanks ASIC for the opportunity to comment on its discussion paper on the dynamics between public and private markets.