• Michael Bacina

Australian Senate creates new committee on fintech and regtech


On Wednesday, Liberal Senator Andrew Bragg moved a motion to establish a new Senate select committee that will have a 12 month remit to investigate the policy settings for fintech and regtech in Australia.


With the committee reported to include the major banks, start-ups and potentially "global technology players" in hearings and submission processes, hopefully the scope of the committee is broad enough to include considering new policy settings for blockchain and crypto regulation, particularly with FINMA continuing to release updates to its guidance after receiving a request from the Libra Association.


With multiple countries vying to develop an internationally competitive edge in fintech, it is good to see Australia taking steps to remain relevant in the international regulatory conversation. Australia has recently welcomed our first ministerial portfolio including Fintech, presently held by Sen. Jane Hume, Assistant Minister for Finance, Superannuation and Fintech.


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