Australia Has Introduced the Plan for Crypto Regulation

Australia will become the first country to chart the number, type, and underlying code of cryptocurrencies.

Australia Has Introduced the Plan for Crypto Regulation

Jim Chalmers, the Australian Treasurer has stated that Australia’s government wants to improve the regulatory system of crypto assets, aiming to provide more protections for consumers and investors.

The government led by Prime Minister Anthony Albanese announced that Treasury will token map the Australian crypto sector and market, which will be used to determine how crypto assets should be regulated in the country.

Token mapping involves scrutinizing all digital assets in Australia, including mapping the types of assets, their underlying code, and other defining technical characteristics.

"As the first step in a reform agenda, Treasury will prioritize ‘token mapping’ work in 2022, which will help identify how crypto assets and related services should be regulated. This hasn’t been done anywhere else in the world, so it will make Australia leaders in this work." Chalmers said.

The previous government dabbled into crypto asset regulation without understanding the regulation. This time, the Albanese government is taking a more serious look at the ecosystem and the risk of the crypto asset sector.

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