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Australia Will Undertake Crypto Token Mapping Project

Navigasi - Australia's new government, led by Prime Minister Anthony Albanese, will begin a review of how cryptocurrency assets are managed, with the aim of keeping practices up-to-date and protecting consumers.

Australia Will Undertake Crypto Token Mapping Project
Australia Will Undertake Crypto Token Mapping Project

This was conveyed by the Australian Treasurer, Jim Chalmers in a statement released on Monday (22/8/2022).

“Australians are experiencing a digital revolution across all sectors of the economy, but regulation is struggling to keep pace and adapt to the crypto asset sector,” Chalmers said in a statement, quoted from CoinDesk, Tuesday (23/8/2022).

Token Mapping Project

As a first step on the reform agenda, the Treasury will prioritize 'token mapping' work in 2022, which will help identify how crypto assets and related services should be regulated.

This project has not been undertaken elsewhere in the world, so this will make Australia a leader in the project.

Token mapping uses the characteristics of all digital asset tokens in Australia including the type of crypto asset, the code created by it and other defining technological features.

“As it stands, the sector of most major cryptocurrencies is unregulated, and we need to do some work to get the balance right so we can embrace new and innovative technologies while protecting consumers,” said Chalmers.

Chalmers said before the "token mapping" was completed, the government would release a consultation paper with the sector on the regulatory framework.

“While we recognize the token exercise is a step in the right direction, we look forward to seeing continued close collaboration with our industry so that the appropriate regulatory framework can be put in place,” concluded Chalmers.