With Australia's crypto legislation postponed until 2024, we have all the inside details to keep you in the loop

Good news for crypto-enthusiasts in Australia – the long awaited legislation regarding cryptocurrency is now set to be delayed until 2024. This new timeline provides more time to consider potential ways of dealing with issues such as money laundering and financial crime associated with digital tokens, which has been an increasing problem as of late. Although many users around the world are slightly disappointed at this postponement, there may actually be some positive effects that come out of it in giving regulators even more time to craft suitable regulation and truly understand how cryptocurrencies, investments and other areas involving digital tokens should all fit together. In this blog post we’ll take a closer look at what this delay means for those involved in crypto-trading down under and explore why taking a little extra time could end up being beneficial overall.

• Australian policymakers may be pushed to 2024 or beyond before they can craft effective crypto legislation, as they need further comprehension of the sector.
• Treasury predicts that certain stakeholders, such as consumer organizations, may be alarmed by the apparent postponement of instituting a licensing program.

Australia’s government is devoting ample time to gain a thorough understanding of the crypto industry, hence possibly delaying any relevant legislation until 2024 or beyond.

Through the power of Freedom of Information laws, The Australian Financial Review procured internal government documents and exposed this info to the public.

Newly released documents displayed the government’s plan to publish consultation papers in early 2023, followed by stakeholder roundtables about cryptocurrency licensing and custody in late Q2.

Three months after the Australian Labor Government took power, they announced their token mapping exercise and opened submissions – which have since closed as of 3 March. Now industry awaits for further steps to be taken with anticipation.

Submissions for the final cabinet are not likely to be received until late this year, and any decisions regarding cryptocurrency legislation could push well into 2024 or beyond.

According to a recent departmental briefing, the prolonged timeline of this process is expected to cause discontent among crypto firms and consumer organisations.

Certain groups are bound to be disappointed

Treasury understands that its proposed delay in introducing a licensing regime may not be greeted favourably by different stakeholders, especially those who are expecting immediate protection or businesses looking for approval from the regulation. Both consumer groups and corporations alike must understand that this decision is necessary to ensure proper implementation of regulations.

The Treasury, however, thinks that due to FTX’s downfall, demand for digital currencies has noticeably declined – giving them enough time to formulate stricter regulations.

Last November, the crypto policy unit raised the possibility of issuing licenses to qualified applicants during a meeting with Treasury officials. Such licensing would necessitate fit and proper person tests, capital requirements as well as obligations to inform regulators about any fraudulent activities or scams in the industry.

For the government to create a dedicated crypto policy unit inside the Treasury Department, records show it is indeed a priority.

Last September, a survey conducted by Swyftx discovered that an estimated one million Australians were planning to invest in cryptocurrency for the first time within the upcoming year. This revelation could bring the total number of crypto owners in Australia to over five million!

From individual crypto traders to small businesses just starting out with cryptocurrency, Crypto Tax Calculator Australia is the perfect tool for anyone who is looking for an accurate and reliable way to handle taxation on their digital currency transactions. It offers a variety of plans for users of different needs and levels and allows them to easily manage their finances without any hassles. With its secure and convenient features, you can be sure that your tax calculations are accurately computed no matter how complex or straightforward they may be. So, whether you’re a seasoned investor or just experienced enough to dabble in the cryptocurrency market, invest in the best and start using Crypto Tax Calculator Australia today!