You can see the rules and regulations in other jurisdictions.
Most financial services businesses will have obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (the AML/CTF Act) and Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) (the AML/CTF Rules). Anti-money laundering and counter-terrorism financing (AML/CTF) laws apply to entities that provide 'designated services' with an Australian connection. The AML/CTF Act generally applies to any entity that engages in financial services, remittance or credit (consumer or business) activities in Australia. In 2018, the AML/CTF Act was amended to capture entities that provide digital currency exchange services. Obligations include enrolment (and, in some circumstances, registration) with AUSTRAC, conducting customer due diligence prior to providing any designated services and adopting and maintaining an AML/CTF programme.1
There is no generally recognised digital identity in Australia.1
The Australian federal government's Digital Transformation Agency is creating an Australian Digital Identity System. The system will replace the need for multiple logins across a range of government services, as well as providing the policy and processes to govern the system and the technology to allow it to work. The national overarching digital identity technology called 'GovPass' is divided into four components: the Trusted Digital Identity Framework (TDIF), the exchange gateway, the digital identity services and the service providers. The TDIF governs the GovPass platform and allows people to choose their identity provider and access a range of government services, with an opportunity for future integration with the private sector.1
Currently, the GovPass digital identity has only been used for a limited number of government services. However, work is underway to develop a new version of the myGov platform to initially run alongside the existing platform before eventually replacing it. The government is also currently proposing to expand the TDIF to allow access for Australian businesses that become identity accredited.1
You can launch your platform by paying $5000 initially and the rest after 6 months if your business grows