The government of Australia has recently <a href="https://www.reuters.com/technology/australia-considering-new-laws-apple-google-wechat-digital-wallets-2021-08-30/" target="_blank" rel="nofollow noopener">said</a> that it is considering implementing new laws for more regulated digital payment and crypto services from Apple and Google. As revealed, the government will be carefully considering recommendations stemming from a report on digital wallet services. 
<h2>Government of Australia Planning for Regulating Crypto Services from Apple and Google </h2>
As per the report released officially, it proposes whether the payment systems kept up with technology advances and product demand. Google Pay, Apple Pay, and WeChat Pay are three services the government is keeping an eye on. 

It has been seen that these offerings have grown significantly in <a href="https://www.cryptoknowmics.com/news/gemini-users-can-now-buy-crypto-with-apple-pay-and-google-pay/">recent years</a>, however, they are not officially destined as payment systems.

The Treasurer, afraid of a Silicon Valley takeover, addressed the fact that they need to take action and said:
<blockquote>“Ultimately, if we do nothing to reform the current framework, it will be Silicon Valley alone that determines the future of our payments system, a critical piece of our economic infrastructure.”</blockquote>
The report mentioned that the Australian government shared recommendations to the tech companies to be listed as payment providers to clarify regulatory status. 
<h2>The Rise in the Regulations of Crypto</h2>
Well, Australia is not the first one to rush into the matter of crypto regulations, at present, international leaders are finding solutions for transaction systems and digital payment. 

In addition to this, it should be noted that this has come following the <a href="https://www.cryptoknowmics.com/news/the-us-senate-approves-an-anti-crypto-infrastructure-bill/">infrastructure bill</a> passed by the US Senate that has the potential to drastically alter the crypto industry. It made the description of a broker so that most action-takers in the crypto space fell into the same reporting bracket.

Moreover, it is not just the United States seeking the imposition of more regulations in the digital payment space, as the Japanese government stated last week that they are looking to <a href="https://www.cryptoknowmics.com/news/financial-regulator-of-japan-fsa-to-impose-stricter-regulations-on-cryptocurrencies/">tighten</a> the crypto regulations for the protection of their consumers.

Australia Plans to Consider New Laws for More Regulated Crypto Services from Apple and Google

The government of Australia said that it is considering implementing new laws for more regulated digital payment and crypto services from Apple and Google.

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.

Australia Plans to Consider New Laws for More Regulated Crypto Services from Apple and Google

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