Devlin Greatbatch Murphy

In June 2023, the Federal Government released its Strategic Plan for the future of Australia's payments system. Shortly following the release of the Strategic Plan, the Government consulted on proposals to significantly reform the licensing framework for payment service providers. However, since the Second Consultation Paper connected with these proposals, released in December 2023, we have largely been waiting to see what action follow. Please see full publication below for more information.

Insight Article - By On 9 October 2025, the Federal Government released draft legislation for consultation, marking the first concrete step in a multi-stage reform process aimed at modernising how payment services are regulated. What’s Changing?

In the expanding digital economy, tokenisation is set to transform how we interact with assets by creating digital representations of real-world assets on distributed ledgers. This promises to enhance efficiency, transparency and liquidity across various markets. With estimates projecting that tokenisation of real-world assets will reach US$18.9 trillion by 2033, token holders will want to leverage the value latent in those tokens for debt.