Law Council of Australia

Business Law Section

Inquiry into Schemes, Digital Wallets and Innovation in the Payments Sector

Submission Date: 3 February 2026

This submission is made by the Financial Services Committee of the Business Law Section of the Law Council of Australia (the Committee) in response to the House of Representatives Standing Committee on Economics inquiry into the payments system. It is intended to provide high-level observations relevant to the future regulation of digital payment schemes and emerging technologies, particularly digital asset-based payment arrangements.

This submission does not address individual business models or specific legislative drafting issues, and should be read as complementary to, rather than duplicative of, prior submissions made to Treasury, ASIC, and other agencies in connection with related consultation processes: e.g. DAP / TCP reforms and payments licensing reforms.

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Last Updated on 03/03/2026

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