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Australia Is One Step Closer to Regulating Crypto, Here's Its Latest Engagement

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Fri, 3/02/2023 - 15:40
Australia Is One Step Closer to Regulating Crypto, Here's Its Latest Engagement
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The crypto regulation drive in Australia is taking on a new dimension as the Australian Treasury released a consultation paper on "Token Mapping," unveiling one of its core approaches to reforming the nascent crypto ecosystem. In a bid to move the Token Mapping agenda forward, the Australian Treasury has called for public comment from stakeholders in a bid to integrate a diverse perspective in its approach.

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With the Token Mapping initiative launched to understand how digital assets impact the Australian financial ecosystem, the regulator will explore how existing regulations are guiding the traditional financial world with the emerging world of crypto.

"Token mapping seeks to build a shared understanding of crypto assets in the Australian financial services regulatory context. This will explore how existing regulation applies to the crypto sector and inform future policy choices," the announcement reads adding, "We seek feedback from stakeholders on this framework to inform a fact‑based, consumer conscious and innovation friendly approach to policy development."

The Australian Treasury wants interested parties to respond to the consultation paper on or before March 3 of this year.

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Advancing global crypto regulation

Since the collapse of the FTX Derivatives Exchange, the urgency to regulate digital currencies has intensified among regulators around the world. While there are no indications that Australian residents were gravely impacted by the collapse, the country is known for being a major hub for crypto activities.

Besides Australia, other major economics, including the United Kingdom, have made moves to introduce comprehensive crypto regulations. While the move has been tagged as a positive one for the industry, it complements the release of the Markets in Crypto Assets regulation (MiCA) introduced in the European Union last year.

Industry leaders have continued to call for robust crypto regulation, and regulators around the world are notably making this a priority.

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