The Australian government’s internal documents indicate that the process of legislating on crypto may extend beyond 2024. The documents suggest the government will issue consultation papers in Q2 2023 and hold stakeholder roundtables on crypto licensing and custody in Q3. Final submissions to the cabinet are unlikely to occur until late 2023, with potential delays pushing any decisions on crypto legislation into 2024 and beyond. The country’s Treasury Department anticipates that crypto businesses and consumer groups may become frustrated with the prolonged timeline for implementing a licensing regime. However, it is suggested that weak demand for cryptocurrencies following FTX’s collapse, as well as the current market conditions resulting in lower consumer demand, could allow for more time to finalize regulations.
Source: https://cointelegraph.com
