Australia answers the need for a digital ID system, passing legislation and standards known as the Digital ID Bill 2024 and Digital ID (Transitional and Consequential Provisions) Bill 2024.
The consequential bills create a set of standards about online security, use and interoperability for an economy-wide digital ID system, which financial institutions and solution providers can apply to join. Giving guidance on how digital identities should be managed, the bill encourages digital ID service providers to seek certification through the government’s voluntary Accreditation Scheme to comply with Australian regulators’ standards.
The legislation, supporting the growth of digital identity, will receive the Royal Asset worth $288 million in a few weeks. The legislation is expected to be effected in November 2024.
