Tuesday, December 6, 2022
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Australia to use ‘Token Mapping’ for better crypto regulations

Australia is starting to examine its domestic cryptocurrency holdings in order to better understand and regulate the sector. According to the reports, Australian Prime Minister Anthony Albanese will make crypto “token mapping” a priority this year to identify how crypto should be regulated. The Treasurer, Jim Chalmers, stated on August 20 that a consultation paper for the general public would be created shortly.

A world-first audit of the nation’s cryptocurrency industry will be carried out by the Australian Department of Treasury. Australia is starting a review of crypto assets and “mapping” all of the country’s tokens in order to better understand and govern the sector. The action attempts to shield investors from deceptive promotions and advertising of cryptocurrency investment opportunities. After speaking with all market participants, the federal government will reevaluate how to regulate the crypto industry in light of the auditor’s conclusions.

The numerous traits of all available cryptocurrencies will be identified during the token mapping process. This will be a component of a crypto ecosystem audit. Australian Treasurer Jim Chalmers stated the cryptocurrency study is all about enabling “consumers to participate in the market while also better protecting them.”

In addition to reviewing organisational structures and looking at the custody responsibilities for third-party custodians of cryptocurrency assets, Chalmers stated the future Labor administration would first examine any gaps in Australia’s regulatory and licensing frameworks. Additionally, it would consider additional consumer protections.

Read more at Cryptoshrypto:
Australian financial regulators plans to adopt solid regulatory policy to protect consumer investments

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