• Australia Wants to Regulate Crypto More Strictly
• Token mapping to be created
• Down as a Leading
Australia is considered a crypto-friendly country. Accordingly, crypto activities have increased significantly, which is why the country’s government now feels compelled to develop a regulatory framework. Australian Treasurer Jim Chalmers recently said, “Australians are witnessing a digital revolution in all sectors of the economy, but regulation is struggling to sustain and adapt to the crypto-asset sector.”
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Token mapping as a first step
In a first step towards regulating the crypto ecosystem, the Australian government is planning a crypto map of sorts. As part of the so-called token mapping, the properties and possible uses of cryptocurrencies have to be compiled in order to be able to draw conclusions about possible rules.
The purpose of this process is to determine which crypto assets are already regulated by financial services law and which digital currencies are still required by the relevant regulatory legislation.
According to Chambers, the previous government omitted the move: “The previous government tried to regulate crypto assets, but prematurely jumped directly to alternatives, without understanding what was being regulated”. Therefore, the new government, which has been in power for three months, now wants to take a more serious approach to find out what is in the ecosystem and what risks need to be considered first. To close significant gaps in the regulatory framework, advance work on the licensing framework, review innovative organizational structures, review record-keeping requirements for third-party custodians of crypto-assets, and provide additional consumer protections.
Australia as a pioneer
Australia is the first country in the world dedicated to token mapping. BTC Markets CEO Carolyn Bowler welcomed the move by the Australian government. He told Bloomberg, “Token mapping has many benefits. It will bring clarity to crypto investors, help companies develop their own blockchain-based innovations, provide guidance to crypto traders, and provide regulators with a suitable regulatory framework.” will help support the design of the system.”
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