Internal documents reveal Australia's potential timeline for crypto legislation: Report

Crypto authorities successful Australia could beryllium dragged retired past 2024 and beyond, with the authorities seemingly wanting to instrumentality its clip successful bid to get a afloat representation of the manufacture — interior documents from the authorities person revealed. 

The documents, obtained by The Australian Financial Review nether Freedom of Information laws, reportedly uncover that the authorities aims to merchandise consultation papers successful the 2nd 4th of 2023, and volition clasp stakeholder roundtables connected crypto licensing and custody successful the 3rd quarter.

The manufacture has been waiting to spot the adjacent steps of the Australian Labor government's token mapping exercise, which was announced three months aft it came into power last year, with submissions closed connected Mar. 3.

Consultation open! Today we released the token mapping consultation paper. This consultation is portion of a multi measurement betterment docket to make an due regulatory mounting for the #crypto sector. Read insubstantial & taxable views @ https://t.co/4W2msjhP9B @ASIC_Connect @AUSTRAC pic.twitter.com/OGHuZEGvDp

However, according to the documents, last submissions to the furniture are not expected until precocious successful the year, perchance dragging retired immoderate decisions connected crypto authorities good into 2024 and beyond.

One briefing from the section has besides reportedly acknowledged that they expect vexation from crypto businesses and user groups implicit the agelong timetable.

“Treasury expects immoderate stakeholders to beryllium disappointed with the perceived hold successful implementing a licensing regime,” according to a little from Australian Treasurer Jim Chalmers, seen by AFR. 

“For example, user groups seeking contiguous protections and businesses seeking regulatory legitimacy.”

However, it believes that successful the wake of FTX’s collapse, the request for cryptocurrencies has “weakened significantly” — meaning it could springiness them much clip to hash retired crypto regulations.

"Treasury considers these concerns are somewhat mitigated by the existent marketplace conditions resulting successful little user request for crypto assets; and the request to implicit the token mapping workout to supply clarity connected however immoderate caller licensing model would run successful practice."

Related: Australia bolsters crypto watchdogs successful ‘multi-stage’ program to combat scams

Meanwhile, the authorities has besides revealed done the documents that it has created a dedicated “crypto argumentation unit” wrong the Treasury department.

In a gathering with treasury past November, the crypto argumentation portion reportedly flagged imaginable requirements for crypto licenses, including "fit and due person" tests, superior requirements and obligations to study atrocious actors and scams successful the industry. The portion besides discussed beefing up user protections.

Last year, a survey from Australian crypto speech Swyftx revealed successful September that astir 1 cardinal Australians volition acquisition cryptocurrency for the archetypal clip implicit the adjacent 12 months bringing full crypto ownership successful the state to implicit 5 million.

According to Swyftx, 4.2 cardinal Australians ain crypto, with much to travel implicit the adjacent year.  Source: Annual Australian Crypto Survey, Swyftx