Australia’s plan to regulate the crypto industry may face further delay, as the government reportedly wants to take its time in order to get a complete understanding of the sector.
According to internal government documents obtained by the Australian Financial Review, crypto legislation may not be implemented until 2024 or later. This news comes as the country faces increasing pressure from regulators and international bodies to tighten its grip on crypto transactions and exchanges.
The delay in crypto regulations in Australia could have several implications for the country’s crypto market. Firstly, it may make it harder for businesses and investors to enter the market with confidence, as they will not know what rules they need to follow. This uncertainty could lead to a decrease in investment and innovation within the industry.
In addition, the delay may also make it harder for Australia to comply with international anti-money laundering and counter-terrorism financing standards.