Chambers Introduction to FinTech Legal 2023
Stirling & Rose’s submission highlighted the key trends for Australia’s Fintech in 2023, being ESG (Environmental, Social, and Governance), crypto-specific regulation, greater consumer protection and privacy rights, and the rise of complex money.
ESG is likely to be a major driver of Fintech in Australia, as the push to net zero costs $3.1 trillion in APAC alone. Australia’s Fintech ESG ecosystem, as it relates to carbon trading, is ahead of its global peers.
The Australian Competition & Consumer Commission has released an interim report on regulatory reform of digital platform services, with recommendations including economy-wide measures to prevent unfair trading practices, digital platform-specific consumer measures, and a new power to make mandatory codes of conduct.
The shift to complex money will include programmable crypto assets and greater traditional institutional uptake of Web3, but will also face regulatory challenges due to the recent collapse of major centralised crypto institutions. ollowing volatility in cryptocurrency markets, the above-mentioned regulatory action and high-profile collapses in the cryptocurrency space, Federal Treasury announced that it would release draft legislation to regulate the space in 2023.