Regulation · Regime · Australia · Primary legislation · The Treasury (Australia)
Australian payment service provider licensing reform (stored value facilities and tokenised stored value facilities)New
The Government's draft overhaul of payments regulation, which would replace the purchased payment facility regime with AFS licensing of stored value facilities (SVFs) and bring payment stablecoins in as "tokenised SVFs". Tokenised SVF providers would have to publish monthly statements of reserve assets and outstanding liabilities and notices of events affecting redemption, could not unreasonably restrict redemption, and generally could not pay interest. Large SVF providers would also be prudentially supervised by APRA under a separate bill. Treasury consulted on the full tranche 1 draft until 9 April 2026; no bill had been seen introduced to Parliament by October 2026.
Proposed
Key points
- The purchased payment facility regime would be repealed and replaced by AFS licensing for stored value facility providers.[1]
- Major SVF providers would register with APRA, which would get powers to regulate them for financial stability.[1]
- Tokenised SVF providers would publish a monthly statement of reserve assets and outstanding liabilities within seven days of month-end, and notices of material events affecting redemption or reserve values.[2]
- Tokens linked to a tokenised SVF that carry a redemption right would not be separate financial products.[2]
- Reforms are intended to start 12 months after Royal Assent, with one- and six-month windows for existing licensees and other providers to apply.[2]
What it covers
Timeline
- 9 Oct 2025 · ConsultationTranche 1a exposure draft (core concepts and licensing) released; consultation ran to 6 November 2025 (51 submissions).[1]
- 12 Mar 2026 · ConsultationFull tranche 1 exposure drafts released: Treasury Laws Amendment Bill 2026 (Payments System Modernisation), draft regulations and the Payment Entities (Prudential Regulation) Bill 2026.[3]
- 9 Apr 2026 · Consultation closedTranche 1 consultation closes.[3]
Deployments operating under it
None recorded with a source yet.
Likely relevant to
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| ANZ A$DC Australian dollar stablecoinNew ANZ | Pilot | Reviewed 13d ago | ||
| AUDD Australian dollar stablecoinNew AUDC Pty Ltd | Live (limited) | Reviewed 21d ago | ||
| AUDF Australian dollar stablecoin (Forte AUD)New Forte Securities Australia | Live (limited) | Reviewed 11d ago | ||
| AUDM Australian dollar stablecoin (Macropod)New Macropod Global | Live (limited) | Reviewed 21d ago |
Sources
- [1]Regulation of Payment Service Providers – Tranche 1 draft legislation — Regulation Tomorrow (Norton Rose Fulbright), 16 Mar 2026. Accessed 18 Oct 2026.B
- [2]Major overhaul of Australia's payment system regulation: key changes and timeline — Hall & Wilcox, 19 Mar 2026. Accessed 18 Oct 2026.B
- [3]Regulation of Payment Service Providers – Tranche 1 draft legislation — The Treasury, 12 Mar 2026. Accessed 18 Oct 2026. Page renders only with JavaScript; read through a fetch tool. Lists exposure drafts, explanatory memorandum, factsheet and draft regulations..A