Australia to “token map” the crypto assets sector

Category

Australia's new government, led by Prime Minister Anthony Albanese since May 23, will begin a review of how cryptocurrency assets are managed, with a view toward keeping practices up to date and protecting consumers, Australian Treasurer Jim Chalmers said in a statement released on Monday:

"Australians are experiencing a digital revolution across all sectors of the economy, but regulation is struggling to keep pace and adapt with the crypto asset sector," Chalmers said in the statement.

"As the first step in a reform agenda, Treasury will prioritize ‘token mapping’ work in 2022, which will help identify how crypto assets and related services should be regulated.

This hasn’t been done anywhere else in the world, so it will make Australia leader in this work.

“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,” Chalmers said.

Chalmers also said that before "token mapping" is completed, the government will release a consultation paper with the sector about a regulatory framework.

Source https://www.coindesk.com/policy/2022/08/22/australia-to-use-token-mapping-as-framework-for-crypto-regulation/

Recent Post
metaverse

Metaverse: from Oculus to Discord

By next week the Metaverse Assembly in Dubai

TME TV - INTERVIEW WITH SILVIO LUCHETTI

Come back the Metaverse Fashion Week

Metaverse Fashion Week is back

Ethereum's Merge completed, the platform enters a new ecofriendly era

TME TV - INTERVIEW WITH RITA TROMBIN, FILIPPO CAPRIOGLIO AND ROBERTO CAPODIECI

TheMetaEconomist 2022 - Privacy / Cookies
crossmenu