# I run a small Australian business that accepts cryptocurrency payments and holds crypto assets for customers from time to time. I understand the Austr?

- Jurisdiction: Australia
- Practice area: Small Claims Law
- Published: 2026-10-30
- Last updated: 2026-10-30
- Canonical: https://lawasked.com/au/small-claims/i-run-small-australian-business-accepts-cryptocurrency-payments

## Question

I run a small Australian business that accepts cryptocurrency payments and holds crypto assets for customers from time to time. I understand the Australian Treasury released draft legislation in October 2026 to implement the OECD Crypto-Asset Reporting Framework, with a domestic reporting regime and first international exchanges of crypto tax data expected in 2028, and that consultation closed on 28 October 2026. What information would a reporting crypto-asset service provider have to collect and report, how would the domestic regime differ from the international exchange, and what should my business do now to prepare its records?

## Summary

The provided statutes do not contain information regarding the OECD Crypto-Asset Reporting Framework or specific crypto-asset reporting requirements. Therefore, I cannot determine what information you must collect or how the domestic regime differs from international exchanges based on these laws.

## Analysis

Based strictly on the legal sections provided, there is no information regarding the OECD Crypto-Asset Reporting Framework, the draft legislation from October 2026, or the specific reporting obligations for crypto-asset service providers. The available laws focus on consumer protections regarding payments and the Privacy Act 1988.

The Privacy Act 1988 contains rules about how personal information is handled. For example, it discusses how an organization or small business operator might be treated under the law. A small business is defined as one where "its annual turnover for the previous financial year is $3,000,000 or less" [1]. However, the law also notes that certain entities are not considered small business operators if they "discloses personal information about another individual to anyone else for a benefit, service or advantage" [1]. This means if your business collects and shares data for a service, you might not qualify for certain small business exemptions under the Privacy Act.

Because the statutes provided do not address the Treasury's draft legislation or the specific crypto-reporting regime you mentioned, I cannot provide a definitive answer on what data you must collect or how to prepare your records for the 2028 international exchange. The law regarding these specific crypto-reporting obligations is not settled within the provided text.

Please note that state, provincial, or local laws may add further rules, such as specific state-based consumer protection or tax regulations, which you should check.

## Statutory citations

- Privacy Act 1988, Section 6D - Small business and small business operators [in force] (https://www.legislation.gov.au/C2004A03712/latest/text)
  > A business is a small business at a time (the test time ) in a financial year (the current year ) if its annual turnover for the previous financial year is $3,000,000 or less.
- Privacy Act 1988, Section 6D - Small business and small business operators [in force] (https://www.legislation.gov.au/C2004A03712/latest/text)
  > However, an individual, body corporate, partnership, unincorporated association or trust is not a small business operator if he, she or it: ... (c) discloses personal information about another individual to anyone else for a benefit, service or advantage;

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