Resource: Cryptoslate.com
6 months ago
Date: 22 Aug 2022 - 13:00

The Australian government announced plans to token map all digital assets in its crypto asset sector as it intensifies efforts to protect consumers against unregulated market conditions.Australias tax office estimates that more than one million people have interacted with crypto assets in the region since 2018. As a result the government is seeking to improve the regulatory system so as to offer more protection to customers and investors.Treasurer Jim Chalmer who is spearheading the regulation said8220With the increasingly widespread proliferation of crypto assets we need to make sure customers engaging with crypto are adequately informed and protected.8221Token mapping all crypto assetsThe token mapping process regulators will classify tokens based on their asset types underlying code and other defining technological features.With clearly defined asset classes the government can regulate the industry based on existing laws and enact new laws where a particular asset class requires specialized legislation.Jim Chalmer also noted that the process will enable the government to work on licensing frameworks consider custody obligations for exchanges and provide additional consumer safeguards.Is the government trying to buy timeAustralian Lawyer Aaron Lane claimed that the 8220token mapping8221 exercise is a strategy by the government to buy time. He argues that consumers in the region need urgent regulatory protections as bad actors are taking advantage of the loose environment to exploit consumers.The first official comments about what the Albanese government is doing on crypto regulation 8211 token mapping to buy time on a restarting the Treasury discussion paper process launched earlier this year. httpst.corjE4JAfctr Aaron Lane AMLaneau August 21 2022Crypto Regulation in the Australian MarketThe rising cases of crypto exchange collapse and scam attacks led the Australian consumer advocacy group Choice to motion the government about accelerating its crypto regulation process.The government through Australias Prudential Regulation Authority APRA detailed its plan to regulate the crypto market fully by 2025. It expects to continue its consultation and drafting of frameworks until 2023 and then introduce clear regulatory standards in 2024 and 2025.The Australian Central Bank governor Philip Lowe has however asserted that if cryptocurrencies are properly regulated they could be better than central bank digital currencies CBDCs. Lowe statedI tend to think that the private solution is going to be better if we can get the regulatory arrangements right.The post Australia plans to implement token mapping amid intensified efforts to regulate crypto industry appeared first on CryptoSlate.

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USDT Market Price Change (24H) Market Cap Last 7 Days
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