Aussie Government Prioritises ‘Token Mapping’ for New Regulatory Framework
Categories: Crypto News
Aussie GovernmentPrioritises ‘Token Mapping’ for New Regulatory Framework
The Australiangovernment has released a statement indicating that it will begin are view asto how digital assets should be managed. This starts with a process it hastermed “token mapping”.
WhatIs Token Mapping?
The process oftoken mapping is said to entail uncovering the characteristics of all digitalasset tokens, including the different types, their under lying protocols, andany other relevant technological features. “As it stands, the cryptosector is largely unregulated, and we need to do some work to get the balanceright so we can embrace new and innovative technologies while safeguardingconsumers.”
Noting the increasedproliferation of crypto investments to the extent that related promotions are“plastered all over big sporting events”, Chalmers stressed that “we need tomake sure customers engaging with crypto are adequately informed and protected”.Prior to the token mapping exercise ,government is expected to release aconsultation paper with industry regarding a proposed regulatory framework.
Given the widespreadbelief among mainstream pundits that most cryptos amount toun registeredsecurities (including NFTs), the so-called token mapping exercise may yield atleast one positive outcome – that it simply isn’t feasible to have differentsets of rules for the traditional and crypto sectors (particularly with regardsto fundraising and disclosures).
If governmentdoes the work, you’d expect it to find that Bitcoin is best reviewed as acommodity, whereas all the other cryptocurrencies are more accurately seen ascompanies. Most Bitcoiners aren’t, however, holding their breath.