Australia to keep pace with crypto laws with “token mapping”

The Australian Treasury under the ruling Albanese Government will prioritize “token mapping” in 2022 to help regulations Down Under keep pace and adapt with the crypto sector. 

See related article: Singapore’s MAS to further strengthen crypto regulations

Fast facts

• “Token mapping”, the primary step in the government’s reform agenda, intends to identify the appropriate direction for the regulation of crypto assets and related services.
• The government hopes its reforms can pinpoint regulatory gaps, advance its licensing framework, as well as explore obligations for third-party custodians.
• Australia’s crypto assets reform places an emphasis on greater consumer protection, according to a joint statement from parliament members, Assistant Treasurer and Minister for Financial Services, Stephen Jones MP and Assistant Minister for Competition, Charities and Treasuries Andrew Leigh MP.
• Aussies have lost about AU$205 million (US$141 million) in investment scams from January to May this year, of which the majority were related to cryptocurrencies, the Australian Competition and Consumer Commission reported.
• A public consultation paper on “token mapping” will be released “soon”, the statement said.

See related article: Thailand’s central bank to get more power in crypto regulation overhaul: report