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.
See related article: Thailand’s central bank to get more power in crypto regulation overhaul: report