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Hello Tronfanclub community,

In recent news, it has been revealed that the Australian government is planning to delay enforcing new cryptocurrency rules until 2024 or 2025. While some consumers believe that an unrestricted environment could cause additional problems, the Treasury thinks that a rush would be unnecessary due to the recent catastrophes in the industry, such as the collapse of FTX.

The rise in interest rates initiated by numerous central banks to tackle the galloping inflation rate has also pushed investors away from risk assets, including cryptocurrencies. However, it is worth noting that contrary to the Treasury’s assumption that the interest in cryptocurrencies has recently vaporized, a Finders research from October last year showed that 23% of Aussies have some exposure to the asset class.

Despite the delay in regulatory framework the Treasury has formed a special “crypto policy unit” within the department whose main goal is to ensure maximum consumer protection. The division intends to propose a ban on cryptocurrency ads to shield individuals from fraudulent schemes.

Australias increased interest in crypto amidst a financial crisis is not something new. In fact, the residents of Argentina, Turkey, Lebanon, and many other nations have sought alternative monetary instruments lately due to severe political or economic issues.

It is worth noting that a survey conducted by the Independent Reserve at the end of November last year estimated that the number of Australian HODLers is above. 25% even after the infamous FTX crash which harmed many domestic investors. Nearly 91% of the participants said they were aware of Bitcoin’s existence, and 43% admitted having some knowledge about Ethereum.

In conclusion while the Australian government may delay enforcing new cryptocurrency rules until 2024 or 2025, they have formed a special “crypto policy unit” to ensure maximum consumer protection. It will be interesting to see how Australia will regulate the crypto industry when the time comes.