Australian Crypto Regulations Likely to Be Delayed Until Mid-2024: Report

The government is consulting with the industry now.

AccessTimeIconMar 6, 2023 at 1:29 p.m. UTC
Updated Mar 6, 2023 at 4:50 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Australian laws to regulate the crypto industry and protect retail customers could still be more than a year away, government documents released under Freedom of Information Laws indicate.

Although the government hasn't given a timeline for bringing in crypto legislation, last month it said it would release a consultation paper about the issue the middle of this year.

In a document dated last August, three months after Anthony Albanese defeated Scott Morrison's coalition to become Australia's prime minister, the Treasury revealed how some stakeholders might be disappointed with a "perceived delay in implementing a licensing regime" but viewed the concerns as "somewhat mitigated" by the collapse of several crypto companies and market crash earlier in the year.

The Australian Financial Review, which reported on the papers earlier, said the Treasury's timetable for consulting with industry and designing new legislation stretches well into next year.

"Final submissions to cabinet are not expected until towards the end of this year," AFR said, leading some industry observers to suggest that "legislation would probably not come until well into 2024 or 2025."

Also last August, Treasurer Jim Chalmers said Australian "regulation is struggling to keep pace and adapt with the crypto asset sector," and introduced token mapping as a potential way forward. "The Albanese government is taking a more serious approach to work out what is in the ecosystem and what risks need to be looked at first."

"While recognizing the need for action, Treasury sees the opportunity to take more time to better understand the emerging innovations and risks," according to one of the documents, which also reveal that the Treasury has established a crypto policy unit.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Amitoj Singh

Amitoj Singh is a CoinDesk reporter.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.