Australia’s Crypto Regulation Delayed Until 2024 or 2025 – Is the Interest in Crypto Fading?

The Australian Treasury is expected to delay the enforcement of new crypto regulation until 2024 or 2025, rather than the end of 2022 as previously expected. This decision is due to the recent market conditions, such as the FTX collapse, which has caused a decrease in consumer demand for crypto assets. To ensure consumer protection, the Treasury has created a “crypto policy unit” within the department and may propose a ban on cryptocurrency ads. Despite the Treasury’s assumption that the interest in cryptocurrencies has decreased, research from October last year showed that 23% of Australians have some exposure to the asset class. This is likely due to the country’s macroeconomic conditions, with the inflation rate reaching a 32-year high of 7.4%. A survey conducted by the Independent Reserve at the end of November last year estimated that the number of Australian HODLers is above 25%, with 91% being aware of Bitcoin’s existence and 43% having some knowledge about Ethereum.