Australia plans to support fintech companies in the country by adapting legislation and creating a Fintech Advisory Group.
The government of Australia has released its “Backing Australian Fintech” document which sets out how the Turnbull government plans to support the sector.
The plans include changes to legalisation to remove the current double taxation of cryptocurrency bitcoin, remove tax barriers facing venture capital investment in firms operating in the fintech sector and easing restrictions on crowdfunding.
The government has established a Fintech Advisory Group which will directly advise the Treasury on issues it regards as important to the industry. The group is currently chaired by Craig Dunn, chairman of fintech hub Stone & Chalk and director of Westpac Bank.
There are 13 other members on the advisory panel.
Other changes being sought include the evolution of financial regulation to make it technology neutral, a change that is expected to be rolled out in future legislation.
Scott Morison, treasurer for the government, said: “Fintech is going to revolutionise how consumers and businesses, as the drivers of economic activity, interact. This is going to have big implications for demand in the future.”