The Australian government introduces “token mapping” for crypto regulations in the country’s next move to modulate the industry.
Australia has announced a new “token mapping” initiative that will review cryptocurrency assets in the country to work towards regulating the industry.
As the government works to prioritise crypto regulations, token mapping will enable a better understanding of the digital assets in use in Australia as well as which should be modulated. Jim Chalmers, the Treasurer of Australia, made a statement on Monday that a public consultation paper with further details will be released soon.
Chalmers added that the government would first identify gaps in the country’s current regulatory and licensing frameworks, review organisational structures, assess obligations for third-party custodians, as well as address consumer safeguards.
“With the increasingly widespread proliferation of crypto assets — to the extent that crypto advertisements can be seen plastered all over big sporting events — we need to make sure customers engaging with crypto are adequately informed and protected,” said Jim Chalmers, the Treasurer of Australia.
A report by an Australian parliamentary committee released in October 2021 stated that a major roadblock for crypto regulations is a deficit of standardised definitions and classifications nationally, as well as internationally.
“The additional benefits of token mapping are many,” Caroline Bowler, the CEO of BTC Markets, has shared, “It will provide greater clarity to crypto investors; aid companies in developing their own blockchain-based innovations; provide guidance to digital currency exchanges; as well as assist regulators in shaping an appropriate regulatory regime.”
Australia’s former government had also been working towards planning to outline a cryptocurrency framework to regulate and license the industry ahead of their election loss in May.
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