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“Australians are experiencing a digital revolution across all sectors of the economy, but regulation is struggling to keep up and adapt to the crypto asset sector,” Chalmers said in a statement.
“As a first step in a 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 is not being done anywhere else in the world, so it will make Australia a leader in this work “.
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Token mapping involves revealing the characteristics of all digital asset tokens in Australia, including an impression of the crypto asset type, its underlying code and any other defining technological features, according to the Sydney Morning Herald. “As it stands, the crypto sector is largely unregulated, and we need to do some work to strike the right balance so that we can embrace new and innovative technologies while protecting consumers,” Chalmers said.
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“With the ever-increasing proliferation of crypto assets — to the extent that you can see crypto ads plastered all over major sporting events — we need to make sure that crypto customers are properly informed and protected,” the statement said. Chalmers said that before the “token mapping” is completed, the government will publish a consultation paper with the sector on a regulatory framework.
“The companies ofWeb3 Tomorrow’s giants need flexibility to be able to innovate today,” he toldCoinDesk In a text message, Holger Arians, CEO I’m sorry, an Australian-based crypto exchange, reflecting concerns that the space is rapidly evolving. , the regulation will have to match.
“While we believe the token mapping exercise is a step in the right direction, we hope to see continued close collaboration with our industry so that the appropriate regulatory frameworks can be put in place,” he wrote.
The move appears to have become a political issue as it comes three months after Albania’s government defeated the previous Labor government under Scott Morrison. Chalmers said that “the previous government dabbled in regulating crypto assets but prematurely jumped straight into the options without first understanding what was being regulated.”
“The Albanian government is taking a more serious approach to understanding what’s in the ecosystem and what risks to look at initially,” Chalmers said.
Chalmers stated that “the goal will be to identify notable gaps in the regulatory framework, to advance work on a licensing framework, to review innovative organizational structures, to examine the custodial duties of third parties for crypto assets and to provide additional protection measures for the consumer,” according to the statement.
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