• Australia wants to regulate cryptos more tightly
• Token mapping should be created
• Down as a pioneer
Australia is considered a crypto-friendly country. Accordingly, the crypto activities below have increased significantly, which is why the government of the country is now forced to create a regulatory framework. “Australians are witnessing a digital revolution in all sectors of the economy, but regulation is struggling to keep pace with the crypto-asset sector,” Australian Treasurer Jim Chalmers said recently.
The first step is token mapping
As a first step towards regulating the crypto ecosystem, the Australian government is planning a crypto map of sorts. As part of so-called token mapping, the characteristics and possible uses for cryptocurrencies should be compiled, which can draw conclusions about possible terms.
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It is intended to determine which crypto assets are already regulated by the Financial Services Act and which digital currencies still require relevant regulatory legislation.
According to Chambers, the previous government avoided this step: “The previous government tried to regulate crypto assets but jumped straight to options without understanding what was being regulated in advance”. So the new government, which has been in office for three months, now wants to take a more aggressive approach in identifying what’s in the ecosystem and what the risks are.” He further explained: “There will be scope. Identify significant gaps in the regulatory framework, proactively work on licensing frameworks, review innovative organizational structures, review record-keeping requirements for third-party custodians of crypto-assets, and provide additional consumer protection measures.”
Australia as a pioneer
Australia is the first country in the world dedicated to token mapping. BTC Markets CEO Caroline Bowler welcomes the Australian government’s move. He told Bloomberg, “The benefits of token mapping are many. It will bring clarity to crypto investors, help companies build their own blockchain-based innovations, provide guidance to crypto traders, and help regulators design an appropriate regulatory framework”.
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