{"id":559966,"date":"2023-03-06T06:29:18","date_gmt":"2023-03-06T03:29:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/internal-documents-reveal-australias-potential-timeline-for-crypto-legislation-report\/"},"modified":"2023-03-06T06:29:18","modified_gmt":"2023-03-06T03:29:18","slug":"internal-documents-reveal-australias-potential-timeline-for-crypto-legislation-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/internal-documents-reveal-australias-potential-timeline-for-crypto-legislation-report\/","title":{"rendered":"# Internal documents reveal Australia&#8217;s potential timeline for crypto legislation: Report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27d24493d0a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27d24493d0a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/internal-documents-reveal-australias-potential-timeline-for-crypto-legislation-report\/#%E2%80%9D_Internal_documents_reveal_Australias_potential_timeline_for_crypto_legislation_Report_%E2%80%9C\" >&#8221; Internal documents reveal Australia&#8217;s potential timeline for crypto legislation: Report &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Internal_documents_reveal_Australias_potential_timeline_for_crypto_legislation_Report_%E2%80%9C\"><\/span>&#8221; Internal documents reveal Australia&#8217;s potential timeline for crypto legislation: Report &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Crypto legislation in Australia could be dragged out past 2024 and beyond, with the government seemingly wanting to take its time in order to get a full picture of the industry \u2014 internal documents from the government have revealed.\u00a0<\/p>\n<p>The documents,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.afr.com\/technology\/despite-frauds-and-flameouts-government-slow-walks-crypto-laws-20230303-p5cpbl\">obtained<\/a> by The Australian Financial Review under Freedom of Information laws, reportedly reveal that the government aims to release consultation papers in the second quarter of 2023, and will hold stakeholder roundtables on crypto licensing and custody in the third quarter. <\/p>\n<p>The industry has been waiting to see the next steps of the Australian Labor government&#8217;s token m<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing exercise, which was announced\u00a0three months after it came into power\u00a0last year, with submissions <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/treasury.gov.au\/consultation\/c2023-341659\">closed<\/a> on Mar. 3. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Consultation open! Today we released the token mapping consultation paper. This consultation is part of a multi step reform agenda to develop an appropriate regulatory setting for the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a> sector. Read paper &amp; submit views @ <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/4W2msjhP9B\">https:\/\/t.co\/4W2msjhP9B<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ASIC_Connect?ref_src=twsrc%5Etfw\">@ASIC_Connect<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AUSTRAC?ref_src=twsrc%5Etfw\">@AUSTRAC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/OGHuZEGvDp\">pic.twitter.com\/OGHuZEGvDp<\/a><\/p>\n<p>\u2014 Australian Treasury (@Treasury_AU) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Treasury_AU\/status\/1621286135711293440?ref_src=twsrc%5Etfw\">February 2, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>However, according to the documents, final submissions to the cabinet are not expected until late in the year, possibly dragging out any decisions on crypto legislation well into 2024 and beyond. <\/p>\n<p>One briefing from the department has also reportedly acknowledged that they expect frustration from crypto businesses and consumer groups over the long timetable. <\/p>\n<p>\u201cTreasury expects some stakeholders to be disappointed with the perceived delay in implementing a licensing regime,\u201d according to a brief from Australian Treasurer Jim Chalmers, seen by AFR.\u00a0<\/p>\n<p>\u201cFor example, consumer groups seeking im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te protections and businesses seeking regulatory legitimacy.\u201d<\/p>\n<p>However, it believes that in the wake of FTX\u2019s collapse, the demand for cryptocurrencies has \u201cweakened significantly\u201d \u2014 meaning it could give them more time to hash out crypto regulations. <\/p>\n<p>&#8220;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 the token mapping exercise to provide clarity on how any new licensing framework would operate in practice.&#8221;<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Australia bolsters crypto watchdogs in \u2018multi-stage\u2019 plan to fight scams<\/em><\/strong><\/p>\n<p>Meanwhile, the government has also revealed through the documents that it has created a dedicated \u201ccrypto policy unit\u201d within the Treasury department. <\/p>\n<p>In a meeting with treasury last November, the crypto policy unit reportedly flagged possible requirements for crypto licenses, including &#8220;fit and proper person&#8221; tests, capital requirements and obligations to report bad actors and scams in the industry. The unit also discussed beefing up consumer protections. <\/p>\n<p>Last year, a\u00a0survey from Australian crypto exchange Swyftx revealed in September that approximately one million Australians will purchase cryptocurrency for the first time over the next 12 months bringing total crypto ownership in the country to over five million.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/ef7589f1-2211-431d-aae6-f5a074c95fbb.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>According to Swyftx, 4.2 million Australians own crypto, with more to follow over the next year.\u00a0 Source:\u00a0Annual Australian Crypto Survey, Swyftx<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"nifty_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/internal-documents-reveal-australia-s-potential-timeline-for-crypto-legislation-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Internal documents reveal Australia&#8217;s potential timeline for crypto legislation: Report &#8220; Crypto legislation in Australia could be dragged out past 2024 and beyond, with the government seemingly wanting to take its time in order to get a full picture of the industry \u2014 internal documents from the government have revealed.\u00a0 The documents,\u00a0obtained by The&#8230;<\/p>\n","protected":false},"author":1,"featured_media":559967,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/666fe2a3-404e-46a8-b139-8960a8dac796.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74858,74894,74863,20358,71511,70934],"class_list":["post-559966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-regulation","tag-blockchain","tag-cryptocurrencies","tag-australia","tag-government","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/559966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=559966"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/559966\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/559967"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=559966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=559966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=559966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}