Australia shifts the implementation of crypto regulations based on investor outflows

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Das australische Finanzministerium wird höchstwahrscheinlich die Durchsetzung neuer Kryptowährungsregeln bis Mitte 2024 oder sogar 2025 verschieben. Es wurde erwartet, dass die lokale Regierung bis Ende 2022 Vorschriften erlassen würde. Einige erwarteten, dass die Behörden dies in diesem Jahr überstürzen würden, insbesondere nach den zahlreichen Zusammenbrüchen und Anlegerverlusten, die den Sektor in letzter Zeit untergraben haben. Keine Eile Dokumente, die gemäß den Gesetzen zur Informationsfreiheit veröffentlicht wurden enthüllt dass sich die australische Regierung Zeit nehmen wird, bevor sie einen umfassenden Regulierungsrahmen für den lokalen Kryptowährungssektor festlegt. Das Entscheidungsgremium wird die Angelegenheit in Q2 und Q3 dieses Jahres prüfen und könnte die …
The Australian Ministry of Finance will most likely postpone the enforcement of new cryptocurrency rules by mid -2024 or even 2025. The local government was expected to issue regulations by the end of 2022. Some expected that the authorities would overthrow this this year, especially after the numerous collapse and investor losses that have recently undermined the sector. No haste documents published in accordance with the laws on freedom of information reveals that the Australian government will take time before setting a comprehensive regulatory framework for the local cryptocurrency sector. The decision committee will check the matter in Q2 and Q3 this year and could ... (Symbolbild/KNAT)

The Australian Ministry of Finance will most likely postpone the enforcement of new cryptocurrency rules by mid-2024 or even 2025.

It was expected that the local government would be issued by the end of 2022. Some expected the authorities to overthrow this this year, in particular after the numerous collapse and investor losses that have recently undermined the sector.

No hurry

Documents that have been published in accordance with the laws on Freedom of Information spanerver-spaces = "True"> reveals that the Australian government will take a comprehensive framework for the local Cryptocurrency sector set. The decision committee will examine the matter in Q2 and Q3 this year and could introduce legislation 2024 or even 2025.

While some consumers believe that the unreserved environment could cause additional problems, the Ministry of Finance considers a hurry to be unnecessary, since the latest disasters in the industry, such as

"The Ministry of Finance is of the opinion that these concerns are somewhat alleviated by the current market conditions that lead to a lower consumer demand for crypto-assets; and the need to complete the token mapping exercise in order to create clarity, as a new licensing framework would work in practice" Document.

also claimed that the increase in interest rates (a policy that has initiated numerous central banks to combat the galloping inflation rate) had held investors from risk systems, including cryptocurrencies.

Subsequently, the explanation informed that the Ministry of Finance had formed a special "cryptopolitics unit" within the department, the main goal of which was to ensure maximum consumer protection. The department intends to propose a ban on cryptocurrency ads to protect individuals from fraudulent systems.

Against this background it is not surprising if Australia announces some of the strictest rules in due course.

Do the Australians really withdraw from crypto?

Contrary to the assumption of the Ministry of Finance that the interest in cryptocurrencies has recently evaporated, a finder research from October last year is accompanied have certain commitment in this asset class. Remember that the number was 17 % in 2021 (as Bitcoin and most old coins recorded all -time high prices).

A factor that could have reinforced enthusiasm could be the macroeconomic location of Australia. The inflation rate reached 7.3 % in the late 2022 (a 32-year high), while the numbers for the first month of 2023 are even more worrying: 7.4 %.

The increased interest of Australia in crypto against the background of a financial crisis is nothing new. The inhabitants of Argentina, Turkey, Lebanon and many other nations have recently been looking for alternative currency instruments due to serious political or economic problems.

A survey that was carried out by the Independent Reserve at the end of November last year estimated that the number of Australian Hodler, even after the notorious FTX crash, the many local investors harmed over 25 %. Almost 91 % of the participants stated that they were aware of Bitcoin's existence, and 43 % admitted to know something about Ethereum.

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