Some internal documents came to light recently from the Treasury Department of Australia that revealed that crypto laws in the country are soon to arrive.
The crypto laws for Australia will probably start operating by 2024 and beyond as the government is trying to paint the full picture in front of them to create the perfect law. Documents from the sides of the government released these statements.
The internal documents we are talking about is found by the Financial Review of Australia under the law of freedom of information. It revealed that the government is currently aiming to release papers in the q2 of 2023. It is going to hold stakeholder roundtables on the custody and licensing of crypto by the q3 of this year.
The crypto industry have waited a long time in Australia and currently they are eager to see the next steps by the government’s exercise of token mapping that was announced three months after it came in power in the last year.
Australia To Introduce Crypto Law By The End Of This Year:
However, as per these documents that we have, the complete submission to the cabinet of this law will not happen until late in the year.
A briefing from the department also acknowledged that they are expecting the frustration from different businesses and other consumer groups in the long run.
As per the treasyrer of the country, Jim Chalmers, the treasury department is expecting some disappointments from some stakeholders due to the delay in the process. However, the department believes that as FTX has collapsed, the demand for the crypto has been considerably weakened. Thus, they think that this can provide them with some good time to clear out the confusions and release the new legislation.
