Australia introduces regulatory framework based on ‘token mapping’

Australia is to begin a review on how cryptocurrency assets are managed and use ‘token mapping’ as the framework for regulating digital assets.

The country’s new prime minister Anthony Albanese wants to use token mapping to maintain crypto usage and the “digital revolution across all sectors of the economy”, but with a watchful eye to ensure consumer protection.

The token mapping initiative will be put in place to protect crypto investors by looking into the characteristics of all digital asset tokens in Australia and charting the crypto asset, its underlying code and any other defining technological feature.

Australian treasurer Jim Chalmers said in a statement: “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.

“Regulation is struggling to keep pace and adapt with the crypto asset sector. As the first step in a reform agenda, Treasury will prioritise ‘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”.

Before the token mapping is completed, the government will release a consultation paper to the sector explaining the regulatory framework.

The aim thereafter is “to identify notable gaps, progress work on a licensing framework, review innovative organisational structures, look at custody obligations for third-party custodians of crypto assets and provide additional consumer safeguards”.

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Updated: 08/22/2022 — 12:00