Australia’s Encryption Legislation Delayed Until 2024
On March 6, according to a document from the Australian Ministry of Finance, the Australian government plans to release the consultation documents related to e…
On March 6, according to a document from the Australian Ministry of Finance, the Australian government plans to release the consultation documents related to encryption legislation in the second quarter of 2023, and will hold a round table of stakeholders on the licensing and custody of cryptocurrency in the third quarter. It is expected that the final report will not be submitted to the cabinet until the end of this year, which may delay any decision on encryption legislation until 2024 and beyond. At the same time, the government also disclosed through documents that it has set up a special “cryptocurrency policy department” within the Ministry of Finance. （AFR）
Australian encryption legislation may be extended to 2024 and beyond
Interpretation of the news:
The Australian government is delaying its decision on encryption legislation until 2024 and beyond, according to a document from the Ministry of Finance. The consultation documents related to encryption legislation will be released in the second quarter of 2023, and a round table of stakeholders on the licensing and custody of cryptocurrency will be held in the third quarter. It is expected that the final report will not be submitted to the cabinet until the end of this year.
The delay in decision making on encryption legislation is a concern for both businesses and individuals who rely on digital security measures to protect their data. The government has cited concerns around potential backdoors that may be created for law enforcement agencies to access encrypted material, sparking privacy concerns. The proposed legislation may introduce penalties for companies that refuse to comply with requests for access to encrypted material, which could have far-reaching implications for the technology sector.
The creation of a special “cryptocurrency policy department” within the Ministry of Finance indicates that the government is taking the regulation of cryptocurrency seriously. The round table on licensing and custody of cryptocurrency may be an attempt to ensure that the growth of the industry is managed effectively, without stifling innovation. However, the delay in implementing any legislation in this area is likely to cause uncertainty for businesses operating in the sector.
In conclusion, the Australian government’s delay in making a decision on encryption legislation until 2024 and beyond is likely to cause uncertainty for businesses and individuals who rely on digital security measures. The round table on cryptocurrency regulation may be an attempt to balance regulation with innovation, but a lack of clear guidelines may hamper the growth of the industry. The creation of a special department for cryptocurrency policy indicates that the government is taking the sector seriously, but until legislation is passed, the future of encryption and cryptocurrency in Australia remains unclear.
Overall, the keywords that best summarize this message are Australian government, encryption legislation, and delay.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/5329/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
#PROOF Launches New Curatorial Plan with Emily Xie as First Curator: A Look at Evolving Pixels and Venus Over Manhattan
On March 30th, the parent company of Moonbirds, PROOF, launched a new curatorial plan, PROOF Curated. Artist Emily Xie served as the first curator, and the first exhibition include
-
Coinbase L2 network Base extends free NFT casting time
According to reports, the Coinbase L2 network Base said on social media that it would extend the free casting time of NFT by one week.
Coinbase L2 Netw…
-
“Belgian Digital Minister Proposes ‘Europeum’ Blockchain for Public Services”
On March 13, the Belgian Digital Minister Mathieu Michel said in an interview that after the regulation of cryptocurrency, European politicians are considering the next step of attracting Web3 business, that is, it is possible to turn the target to a customized blockchain that respects privacy. Michel said that the new “Europeum” blockchain may be a tool to record property ownership, driving license or professional qualifications, while complying with the high regulatory norms of the EU. After a series of frauds and scandals, Michel agreed to shift from the pure financial application of distributed technology to public services and supply chain management. Belgian Digital Minister: European politicians consider establishing a “Europeum” blockchain that respects privacy Analysis based on this information:The Belgian Digital Minister, Mathieu Michel, has announced that the European Union is considering the development of a ‘Europeum’ blockchain, which could be used to record information such as property ownership, driving licenses, and professional qualifications while simultaneously complying with the…
-
What mining machine does btm use to excavate (btd miner)
btm using what mining machine to dig According to the latest information from btm, only BTC.com ranks among the top 50 currencies in Bitcoin mining computing power According to the official introduction, BTM has produced a total of 20000 block heights across the entire network, generating an average of 100 million transactions per second (approximately $13). It has been maintained at around 20T since its official launch on May 28, 2018. At present, the mainstream AntMinerS19 and Ant S17Pro in Bitmain are 300W/TH, 200W/Th and 250W/th respectively, accounting for more than 60% of the computing power; High performance new machines such as Shenma M30s+and Xindong Z15S++have all adopted this algorithm btd minerAccording to the latest news, the bit btd miner is a new type of bitcoin mining equipment based on Ethereum. BtdMiner uses the latest ASIC chip (AntminerS9Pro) and application specific integrated circuit (ASIC). It uses Nvidia 8nm chip and high-end GPU graphic card mining machine M30s+, A10Z5 series and…
-
Why there is resistance to blockchain (why so many people are doing blockchain)
Why there is resistance to blockchain. The essence of blockchain is decentraliza
-
What is the currency of pay and how much is the issuance quantity (Paya currency)
<img src='https://img.doulai.com/pic/enpic.php?k=what currency is pay, and how much is it issued? Imgalt=what currency is pay, and how much is it issued? Images} What currency is pay, and how much is it issued? According to official information, what currency is pay, and how much is it issued? According to official website data, currently Pay is a digital currency that transfers and consumes funds through decentralized wallets. According to statistics, from January 2019 to present, the payment application has created over 1 million accounts, of which more than 4 million users use this payment application to complete daily payments. Pay is an application that can be used to trade, store, and receive payment information, providing a method for real-time transmission of value on the blockchain paycoinAccording to the official news of PAYcoin, Paycoin is a decentralized digital currency wallet based on blockchain technology. Users can create, issue and trade their own digital assets on Ethereum through Paycoin. Paycoin is a version of…
-
Understanding the Recent Trends in A-share Market
According to news, the A-share market opened with the Shanghai Composite Index at 3240.84 points, up 0.18%, the Shenzhen Composite Index at 11270.07 points, up 0.2%, and the Shenzh
-
Gaspack Secures Pre-Seed Investment Round to Promote Inclusive NFT Environment
According to reports, Gaspack, a digital creation platform based on NFT, announced the completion of a pre feed round of financing, led by eMerge and Arise, angel investor networks under MDI Ventures, and participated by venture capital firm 500 Global and blockchain ecosystem Tokoin. Gaspack was founded in 2022 to help creators create a more inclusive NFT environment to support creators and brands in the Web3 economy, and promote the decentralization of intellectual property development. At this stage, it mainly focuses on the field of digital comics. （sbr） Gaspack, a digital creation platform based on NFT, completed a pre feed round of financing Analysis based on this information:Gaspack, a digital creation platform founded in 2022 to promote a more inclusive NFT environment for creators and brands, has announced the completion of its pre-seed round of financing. The round was led by eMerge and Arise, angel investor networks under MDI Ventures, and 500 Global and blockchain ecosystem Tokoin participated in the…
-
Folkvang’s Struggle After FTX’s Collapse
According to the news on February 24, Mike van Rossum, founder of the cryptocurrency market maker Folkvang, said in response to \”the current situation of the c…
-
US Authorities Postpone Civil Action Against SBF Until Criminal Charges Resolved
It is reported that a judge has approved the request of the United States Attorney for the United States Commodity Futures Commission (CFTC) to postpone the ci…
-
Regulatory action against Paxos affects BUSD anchor price stability
On February 13, it was reported that after the US SEC took regulatory action against the issuer of BUSD, Paxos, the anchor price of BUSD began to be unstable. …
-
The Costly and Lengthy Registration Process for Encryption Companies with the SEC
On March 3, Fox Business News reporter Eleanor Terrett said on Twitter that today he talked with the encryption trading platform INX about their registration p…
-
FIL breaks through US $8, a volatile market
It is reported that the market shows that FIL has broken through US $8 and is now reported at US $8.04, with a daily increase of 5.65%. The market is volatile,…
-
The European Central Bank: Consumer Privacy and Its Impact on Digital Cash
According to reports, Christine Lagarde, President of the European Central Bank, stated during the panel discussion at the Bank for International Settlements Summit that the Europe
-
Luna Coin ruled as not a security: What this means for the future of cryptocurrency investments
On April 24th, the Seoul South District Court rejected the prosecution\’s appeal against the confiscation and preservation request of Terraform Labs co founder Daniel Shin, ruling t
-
Alchemy Pay Expands Crypto Purchasing Options in Nigeria
On April 21, it was reported that Alchemy Pay, a cryptocurrency payment provider, now supports the purchase of cryptocurrency through domestic bank transfer payments in Nigeria. Ni