“Crypto Regulation in Australia Delayed Until 2024: Treasury Documents Reveal”

• Crypto Regulation in Australia is expected to be delayed until 2024.
• Internal documents from the Australian Treasury Department show that consultation papers will be released in Q2 of 2023 and stakeholder roundtables on crypto licensing and custody in Q3.
• Despite the delay, Australians remain bullish about cryptocurrencies as 26% plan to buy them over the next 12 months.

Crypto Regulation Delayed In Australia

Internal documents from the Australian Treasury Department have revealed that cryptocurrency regulation in Australia may not be expected until 2024. The government is taking its time to gather a complete picture of the industry before taking action.

Consultation Papers To Be Released

The documents indicate that consultation papers in regards to cryptocurrency legislation are expected to be released by Q2 of 2023. Following this, stakeholder roundtables on crypto licensing and custody will take place in Q3 of that year, with submissions to cabinet not expected until later on in the year.

Frustration From Industry Players

The delays in implementing a licensing regime has caused much frustration for Australian crypto-related businesses and consumer groups. A brief from Treasurer Jim Chalmers states: “Treasury expects some stakeholders to be disappointed with the perceived delay in implementing a licensing regime”. It adds: “For example, consumer groups seeking immediate protection and businesses seeking regulatory legitimacy”.

Market Conditions Make Delay Justifiable

Despite the unhappiness from industry players, Treasury argues that due to recent market conditions with decreased demand for cryptocurrencies, it can afford more time for hashing out regulations: “Treasury considers these concerns are somewhat mitigated by the current market conditions resulting in less consumer demand for crypto assets; and the need to complete token mapping exercise to provide clarity on how any new licensing framework would operate”.

Australians Remain Bullish About Crypto

The lack of regulation has also led to problems with DIY pension funds where thousands of customers face millions worth of losses due to incorrect investments made into cryptocurrencies. Despite this, Australians remain bullish about digital assets as 26% plan on buying them within 12 months according to The Annual Australian Crypto Survey for 2022

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