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With the rising popularity of Bitcoin (BTC), Ethereum (ETH), and other digital currencies, the new Australian government has finally revealed how it plans to regulate the crypto space. Australia will soon be the first country in the world to “token map” the crypto assets sector as the government’s first step towards protecting the investing public.
Treasurer Jim Chalmers announced that the government plans to undertake a “token mapping” exercise this year, according to Cointelegraph. This is one of the 12 recommendations in last year’s senate inquiry report on “Australia as a Technology and Financial Center.”
Token mapping is a process of determining the characteristics if all tokens – from Bitcoin to Ripple – that are available in the country, according to News.com.au. The development was welcomed by Australia’s crypto community, which has been anxiously waiting to see how the new government will regulate the industry.
The government will take a new look at regulating the industry and will be consulting stakeholders on a framework suitable for the Australian crypto market. Chalmers added that the review will allow “consumers to participate in the market while also better protecting them.”
The government is trying to find the right mix that will balance investor security but allow innovation in the digital assets industry. “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,” he said.
He acknowledged the increasing popularity of digital currencies such as Bitcoin (BTC) and Ether (EHT) and stressed the need for proper regulation. “With the increasingly widespread proliferation of crypto assets- to the extent that crypto advertisements can be seen plastered all over big sporting events – we need to make sure customers engaging with crypto are adequately informed and protected,” Chalmers added.
The token mapping exercise is also a part of an audit of the crypto ecosystem. “The aim will be to identify notable gaps in the regulatory framework, 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,” he explained.
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