New Australian Government Opens Up on Crypto Regulations

Spanish Telecom Giant Telefonica Now Accepts Crypto
  • The token mapping effort aims to be completed by the end of the year.
  • The Treasury will also begin working on some of the other recommendations soon.

The Australian Labor Party (ALP) has finally spoken out on its plans for crypto legislation three months after coming into office.”Australia as a Technology and Financial Center” senate investigation report last year included 12 suggestions, one of which was a “token mapping” project, which was announced by Treasurer Jim Chalmers. The sector was relieved to receive the report and was eager to hear whether the ALP administration would support its recommendations.

The token mapping effort aims to be completed by the end of the year to aid and “identify how crypto assets and related services should be regulated,” which would then guide future regulatory choices.

Keeping Up With the Pace

The Treasury will also begin working on some of the other recommendations soon, such as a licensing framework for crypto asset service providers dealing in non-financial product crypto assets, necessary conditions to protect the consumer crypto asset custody, and an evaluation of the decentralized autonomous organization (DAO) company-style structure.

The government headed by Prime Minister Anthony Albanese says it aims to rein in a “largely unregulated” crypto industry in a statement from Treasurer Jim Chalmers, Assistant Treasurer and Minister for Financial Services Stephen Jones, and Assistant Minister for Competition, Charities and Treasury Andrew Leigh.

The statement read:

“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.”

Furthermore, according to the statement, “regulation is struggling to keep pace and adapt with the crypto asset sector,” despite the fact that over a million taxpayers have engaged with the crypto ecosystem since 2018.

Recommended For You:

XRP Representing Lawyer John Deaton Targets U.S. SEC

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.