Australia’s government has reportedly revealed that crypto legislation could be delayed until 2024 and beyond, with the government taking its time to thoroughly analyze the industry.

According to internal documents obtained by The Australian Financial Review, the government aims to release consultation papers in Q2 2023, followed by stakeholder roundtables on crypto licensing and custody in Q3.

Final submissions to the cabinet are not expected until later in the year, meaning any decision on crypto legislation may be postponed until 2024 or later.

A briefing from the Treasury department acknowledges that crypto businesses and consumer groups may be frustrated with the delay.

However, the Treasury believes that the current market conditions have led to less demand for cryptocurrencies, giving it more time to develop regulations.

The government has also established a dedicated “crypto policy unit” within the Treasury department to oversee crypto-related matters.