According to Australian media reports, the government will likely pass comprehensive crypto legislation after the end of 2023. According to the timeline of consultation programs and events, Australia’s substantive crypto law cannot be implemented until 2024.
Crypto Framework Anticipation: Australia’s Next Steps
Australians have been anticipating a solid cryptocurrency framework from the government. The country’s Labor administration planned a token mapping effort only three months after taking office in 2022. The government then opened the door to public suggestions, which it would consider before finalizing the regulatory system. Submissions concluded on March 3, 2023, with crypto practitioners anticipating the next stages.
Internal government documents acquired under freedom of information rules indicated that the administration expects to issue consultation papers in the second quarter of 2023. After the release of consultation materials, the government will convene stakeholder roundtables on cryptocurrency licensing and custody. The latter is anticipated for the third quarter of this year.
According to received internal information, the apparent delay in concluding the regulatory procedure enables the government to gain a thorough picture of the crypto business. Given the existing timeframe, the earliest formal cabinet inputs from the specified consultation would be around the end of 2023, putting any decision until 2024 or beyond.
Some crypto players are likely to be dissatisfied due to the apparent delay. Consumer organizations needing protection and crypto-based firms seeking licenses are concerned that they will have to wait longer than expected.
FTX Crash Slows Cryptocurrency Adoption
According to sources, Australia’s Treasury Department believes cryptocurrencies have lost favor after the FTX crash. The agency feels the present situation will provide more time to develop an acceptable and comprehensive regulatory framework.
A survey conducted by Swyftx found that around one million people in Australia had the intention of purchasing their first cryptocurrency within the next year. This would bring the total number of people in the United States who utilize cryptocurrencies to 5 million.
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