The new Australian government aims to pass regulations that will make the country a leader in crypto-related tech.
released by Australia's new government under the leadership of Prime Minister Anthony Albanese promises to review how cryptocurrency assets are managed.
Australian Treasurer Jim Chalmers said that the country would prioritize consumer protection and keeping practices up to date. It would engage in "token mapping" to get a better overview of the digital assets market. This is to identify how assets should be regulated and to "make Australia leaders in this work."
“As it stands, the crypto sector is largely unregulated, and we need to do some work to get the balance right so we can embrace new and innovative technologies while safeguarding consumers.
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."
Token mapping would involve charting the type of digital asset, its code and defining technological features. In other words, it would be an exercise in categorizing crypto assets.
According to a statement made to CoinDesk
, Holger Arians, CEO of Banxa, an Australia-based fiat to crypto exchange, the industry welcomes the government's "innovative approach" but hopes for ongoing close collaboration in light of a quickly evolving space.
However, the new government prides itself on taking proactive measures and distances itself from previous heavy-handed approaches to the space:
"The previous government dabbled in crypto asset regulation but prematurely jumped straight to options without first understanding what was being regulated. The Albanese Government is taking a more serious approach to work out what is in the ecosystem and what risks need to be looked at first."
There is still no timeline for the implementation of the token mapping process.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.