- The Australian treasury is looking forward to regulating crypto like never before.
- The approach adopted by the government will be token mapping.
- The Albanese government, through its token mapping project, will find out the regulatory framework gaps, review advanced organizational structure, offer extra consumer safeguards and more.
Australian crypto regulators are on their way to go where no other government has stepped before.
According to the Australian treasury, it has established a multi-step plan which focuses on creating an even thorough and enhanced crypto regulatory framework as compared to the ones created ever before throughout the world.
Token mapping, a form of market research, will be the major approach followed by the government. With the help of token mapping, officials can not just view but also calculate nuanced trends of the crypto markets based in Australia. It will enable finding out the way crypto assets and services related to it must be regulated.
Jim Chalmers, Australia’s Treasurer under Prime Minister Anthony Albanese, focused on the value of deeply understanding the crypto markets prior to drafting regulations.
He said that the earlier government was a bit engaged in the regulation of crypto assets and moved towards the options without knowing and carefully understanding what they were regulated. However, the Albanese government is serious regarding their approach to understand what lies in the ecosystem and what are the risks that need to be attended to.
Josh Frydenberg, Chalmers’ predecessor, vowed to take crypto away from the shadows through a detailed crypto regulatory framework in December 2021. But Frydenberg as well as the government of Scott Morrison were expelled in a federal election in May.
The Albanese government has said that its crypto approach will be cautious and based on extensive research as compared to the previous administration.
In December 2021, the Ministry of Frydenberg Treasury announced a report that was based on converting Australia’s Payments System that assured accomplishment of an almost identical exercise by the end of this year. Findings from the project along with other consultations & reports informed establishment of a crypto regulatory framework.
A public consultation paper that will flesh out the process of taking mapping will be released in a while, according to the Treasury Ministry. However, it is still not clear as to when the Albanese government will turn its findings into legislation.