Australia’s new government finally signals its crypto regulation stance
Australian Government Regulating cryptocurrency
Modified Date:- Published Date:-Categories: Cryptocurrency
Australia’s new government finally signals its crypto regulation stance
Australian Treasurer Jim Chalmers said that his government will improve the way Australia’s system manages crypto assets and provide greater protections for consumers. Three months after being elected to power.
The Australian Labor Party(ALP) has finally broken its silence on how it plans for crypto regulation. Treasurer Jim Chalmers announced a "token mapping" exercise, one of 12 recommendations last year in a Senate inquiry report on "Australia a Technology and Financial Hub".
The report was warmly received by the industry which was eagerly waiting to see if the ALP government would accept it. Aimed to be conducted before the end of the year, the token mapping exercise is expected to help identify “how crypto assets and related services should be regulated” and help inform future regulatory decisions.
The Treasury will also work on some other recommendations in the near future, including a licensing framework for crypto asset service providers dealing in non-financial product crypto assets, appropriate requirements for the security of consumer crypto asset custody, and a review of decentralized assets. Autonomous Organization (DAO) company-style structure.
The statement added that over one million taxpayers have interacted with the crypto ecosystem since 2018, and yet, “regulation is struggling to keep pace with and adapt to the cryptocurrency asset sector.” Politicians claimed that the previous Liberal-led government had previously "dabbled" in cryptocurrency assets regulation through crypto secondary service providers, "without first understanding what was being regulated:"
“The additional benefits of token mapping are many. It will provide greater clarity to crypto investors; aid companies in developing their own blockchain-based innovations; provide guidance to digital currency exchanges; as well as assist regulators in shaping an appropriate regulatory regime,” she said.
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