Source: CNN
Australia’s crypto legislation could be delayed until 2024 and beyond, according to internal documents obtained by The Australian Financial Review.
The documents reportedly show that the government plans to release consultation papers in Q2 2023 and will hold stakeholder roundtables on crypto licensing and custody in Q3.
However, final submissions to the cabinet are not expected until late this year, causing frustration among some stakeholders.
The government has also created a dedicated crypto policy unit within the Treasury department and flagged possible requirements for crypto licenses, including “fit and proper person” tests, capital requirements, and obligations to report bad actors and scams in the industry.
The Treasury believes that weakened demand for cryptocurrencies following FTX’s collapse gives it more time to hash out regulations.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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