The Australian Treasury under the ruling Albanese Government will prioritize “token mapping” in 2022 to help regulations Down Under keep pace and adapt with the crypto sector. 

See related article: Singapore’s MAS to further strengthen crypto regulations

Fast facts

  • “Token mapping”, the primary step in the government’s reform agenda, intends to identify the appropriate direction for the regulation of crypto assets and related services.
  • The government hopes its reforms can pinpoint regulatory gaps, advance its licensing framework, as well as explore obligations for third-party custodians.
  • Australia’s crypto assets reform places an emphasis on greater consumer protection, according to a joint statement from parliament members, Assistant Treasurer and Minister for Financial Services, Stephen Jones MP and Assistant Minister for Competition, Charities and Treasuries Andrew Leigh MP.
  • Aussies have lost about AU$205 million (US$141 million) in investment scams from January to May this year, of which the majority were related to cryptocurrencies, the Australian Competition and Consumer Commission reported.
  • A public consultation paper on “token mapping” will be released “soon”, the statement said.

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