Australia as a jurisdiction for cryptocurrency and payment services

Australia is one of the few developed countries where payment and cryptocurrency services can obtain official status under a clear and balanced regulatory framework. Registration as a Remittance Service Provider (RSP) with AUSTRAC is not merely a formality—it serves as a strategic entry point to the cross-border payments market in Australia and beyond.

In a global environment of increasing regulatory pressure and growing interest in the Asia-Pacific region, the RSP license opens access to advanced payment infrastructure and provides legal resilience for operations involving digital assets.

What is an RSP and how is it classified

According to AUSTRAC, RSPs are companies that:

receive instructions to transfer funds or digital assets;
remit funds to a recipient on behalf of a client;
may offer currency exchange services.

AUSTRAC classifies RSPs into three categories:

Independent Provider — an entity with its own AML/CTF system;
Network Provider — a network operator responsible for the compliance of all participants;
Affiliate of a Network — operates under the license of a Network Provider and does not require separate registration.

Independent and Network Providers are required to renew their registration every three years.

Services available to registered RSPs

Once registered, RSPs gain access to Australia’s financial infrastructure and can integrate with local payment providers. Available capabilities include:

AUD Virtual Accounts + PayID — instant 24/7 payments, unlimited account sub-allocations;
PayTo — real-time recurring and one-time payments;
Direct Debit / Direct Credit — up to seven settlement windows per day;
BPAY — a popular system for bulk and regular payments;
FX Wholesale — institutional-level foreign exchange access.

These services equip RSPs with robust tools to operate competitively in the Australian market.

Regulatory reporting to AUSTRAC

Registered RSPs must submit the following reports:

TTR — threshold transaction reports for cash transfers over AUD 10,000;
IFTI — international funds transfer reports;
SMR — suspicious matter reports;
Notifications of company detail changes — within 14 days;
Notifications of annual revenue changes — within 14 days of financial report readiness.

Key requirements for the company

At least one local director with a valid Director ID;
Paid-up share capital (recommended from AUD 1,000);
Physical office address in Australia (P.O. Box not accepted);
Possession of an Australian Business Number (ABN).

Required client documents

Financial statements (for companies older than one year);
Detailed business plan (RSP + FX focus);
Certified documents of directors, shareholders, and UBOs;
Proof of address;
CVs of key persons;
Criminal record certificates (including for the MLRO).

AUSTRAC may request additional documentation during the application process.

Timeline and cost of registration

The full registration process typically takes 6 to 9 months and includes:

Company registration and ABN issuance;
Bank account opening;
Director ID support;
AML/CTF policy development;
Preparation and submission of the AUSTRAC application;
Communication with the regulator and response to queries.

Additional costs may include:

Office address rental;
Local director services (from EUR 1,800–2,700/month + insurance);
Integration with local payment providers.

Combined registration for RSP + Digital Currency Exchange is available at a bundled rate.

Who can benefit from an RSP license

Fintech companies working with money transfers and digital assets;
Cryptocurrency exchanges and brokers targeting the Australian market;
International firms establishing local operations;
Startups requiring access to banking infrastructure and PayID.

Conclusion

Registering as a Remittance Service Provider in Australia is a critical compliance requirement and a strategic move to enter a regulated financial market. While the process demands thorough preparation and adherence to AUSTRAC requirements, it offers access to an advanced payment ecosystem and long-term legal protection.

Looking to enter the Australian market? IFB’s team is ready to support you at every stage—from business structuring to license acquisition and payment service deployment.