• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Friday, January 27, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Australia proceeds with crypto regulations via a “token mapping” exercise

August 22, 2022
in Crypto News
Reading Time: 3 mins read
A A
ShareShareShareShareShare

Related articles

NFT Collection Laid Back Llamas Collection Price, Stats, and Revi…

January 27, 2023

Developer confirms billions of SHIB will be burned with Shibarium

January 27, 2023

  • The Australian government is seeking to bridge gaps in the regulatory framework while addressing different aspects of the crypto sector.
  • The “token measure” exercise will be an important step to bridge the significant education gap between policymakers and educators.

Three months after being elected into power, the Australian government is finally working on cryptocurrency regulation “to keep up with developments and provide greater protections for consumers”. Treasurer Jim Chalmers has announced a “token mapping” exercise as recommended in the Senate inquiry report last year on “Australia as a Technology and Financial Center”.

The Australian Labor Party (ALP) which came into power three months ago is keenly working in this regard. As per the estimates of the Australian Taxation Party, more than one million taxpayers have interacted with digital assets since 2018.

The government sees the token mapping exercise as a priority and will be the first-of-its-kind regulatory action in this regard. The exercise will help “identify how crypto assets and related services should be regulated”. Also, the government has planned to release a consultation paper very soon. As per the official press release:

The aim will be to identify notable gaps in the regulatory framework, progress work on a licensing framework, review innovative organizational structures, look at custody obligations for third party custodians of crypto assets and provide additional consumer safeguards.

In the near future, the Australian Treasury will also undertake some work on other recommendations. This also includes creating a licensing framework for crypto asset service providers. The government is keen on taking measures to safeguard the crypto custody of consumers. They will also audit DAO-like structures operating in the crypto space.

Here’s what Treasurer Jim Chalmers has to say

In a joint state from Australia’s Treasury office, Treasurer Jim Chalmers said that the crypto sector remains “largely unregulated”. “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,” he added.

He added that despite more than one million taxpayers joining the crypto ecosystem in the last four years, regulations have taken a backseat and struggling to keep pace with the growing crypto sector.

The politicians in the current regime said that the previous government had dabbled with crypto regulations. However, they did through crypto secondary service providers “without first understanding what was being regulated”. The press release notes: “The Albanese Government is taking a more serious approach to working out what is in the ecosystem and what risks need to be looked at first”.

How will the Token Mapping exercise help?

Michael Bacina, a partner at Piper Alderman, believes that the “token measure” exercise will be an important step to bridge the significant education gap between policymakers and educators. Speaking to CoinTelegraph, Alderman said:

Australia punches above its weight in blockchain right now, but we have seen regulatory uncertainty lead to businesses leaving Australia.

A sensible token mapping exercise which helps regulators and policy makers understand in depth the activities they are looking to regulate and how the technology interfaces with those activities should help regulation be fit for purpose and both support innovation and jobs in Australia while protecting consumers.

However, Aaron Lane, a senior lecturer at the RMIT Blockchain Innovation Hub, calls it a delaying tactic by the government in introducing regulatory measures. “Progress is progress — but it is disappointing that we are not further along the path to greater regulatory certainty for industry and greater protections for consumers. Unfortunately, they’ve needed to buy themselves time with a token mapping exercise to allow them to get up to speed,” he added.

Related: A new study shows that Australian courts give tougher sentences to offenders whose crimes involve crypto use


Credit: Source link

ShareTweetSendPinShare
Previous Post

Zilliqa Faces Rejection at $0.045; ZIL Buying Action Awaited!

Next Post

Bitcoin (BTC) Stumbles by Almost $4000 in Just a Week!

Related Posts

NFT Collection Laid Back Llamas Collection Price, Stats, and Revi…

January 27, 2023

7,000 Laid Back Llamas have taken over the digital mountains of the Metaverse. Every Llama is unique with different fur...

Developer confirms billions of SHIB will be burned with Shibarium

January 27, 2023

Amid the tanking SHIB burn rate, lead developer Shytoshi Kusama assures an uptick in burn rate with the Shibarium release....

Global Digital Cluster Coin (GDCC) Is Now Available on LBank…

January 27, 2023

INTERNET CITY, DUBAI, 27th January, 2023, ChainwireLBank Exchange, a global digital asset trading platform, listed Global Digital Cluster Coin (GDCC)...

XRP Price May Hit $0.54 in Coming Month and End the Q1 2023 Trade above $1!

January 27, 2023

As the foundations for a significant rebound have emerged, the markets appear to have stuck in some crucial levels. However,...

Astar launches new HRMP channels with Equilibrium

January 27, 2023

Astar is sticking to its values of accelerating Web3 through interoperability, especially by focusing on cross-consensus messaging (XCM). It has...

Load More
Next Post

Bitcoin (BTC) Stumbles by Almost $4000 in Just a Week!

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

A Comprehensive Guide to the Art Gobblers

January 14, 2023

Solana maintains positive start to 2023 with green trading

January 3, 2023

Yuga Labs and Ryder Ripps lawsuit Takes Unexpected Turn

January 11, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • U.S. Representative French Hill offers insights into digital asset regulations
  • NFT Collection Laid Back Llamas Collection Price, Stats, and Revi…
  • Coinbase stock surged 90% in January

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$23,096.000.27%
  • ethereumEthereum(ETH)$1,599.92-0.18%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.000.00%
  • usd-coinUSD Coin(USDC)$1.00-0.05%
  • binancecoinBNB(BNB)$308.751.28%
  • rippleXRP(XRP)$0.4139310.57%
  • binance-usdBinance USD(BUSD)$1.00-0.03%
  • cardanoCardano(ADA)$0.3885792.03%
  • dogecoinDogecoin(DOGE)$0.0872580.74%
  • matic-networkPolygon(MATIC)$1.165.74%
  • solanaSolana(SOL)$24.34-0.27%
  • okbOKB(OKB)$36.381.41%
  • staked-etherLido Staked Ether(STETH)$1,596.37-0.29%
  • polkadotPolkadot(DOT)$6.561.44%
  • shiba-inuShiba Inu(SHIB)$0.0000120.96%
  • avalanche-2Avalanche(AVAX)$21.4117.94%
  • litecoinLitecoin(LTC)$88.911.44%
  • tronTRON(TRX)$0.0634852.59%
  • uniswapUniswap(UNI)$6.861.23%
  • daiDai(DAI)$1.00-0.03%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,031.00-0.04%
  • cosmosCosmos Hub(ATOM)$13.493.11%
  • ToncoinToncoin(TON)$2.557.13%
  • chainlinkChainlink(LINK)$7.382.69%
  • leo-tokenLEO Token(LEO)$3.855.22%
  • moneroMonero(XMR)$180.275.28%
  • ethereum-classicEthereum Classic(ETC)$22.000.09%
  • AptosAptos(APT)$17.74-2.62%
  • bitcoin-cashBitcoin Cash(BCH)$134.890.58%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.0928310.62%
  • apecoinApeCoin(APE)$6.292.92%
  • quant-networkQuant(QNT)$152.522.03%
  • nearNEAR Protocol(NEAR)$2.571.85%
  • crypto-com-chainCronos(CRO)$0.0818791.09%
  • lido-daoLido DAO(LDO)$2.413.83%
  • filecoinFilecoin(FIL)$5.40-1.66%
  • algorandAlgorand(ALGO)$0.2546163.28%
  • vechainVeChain(VET)$0.0248723.98%
  • hedera-hashgraphHedera(HBAR)$0.0698414.12%
  • internet-computerInternet Computer(ICP)$6.053.43%
  • axie-infinityAxie Infinity(AXS)$11.51-3.54%
  • aaveAave(AAVE)$87.15-2.30%
  • decentralandDecentraland(MANA)$0.680.86%
  • eosEOS(EOS)$1.112.16%
  • fantomFantom(FTM)$0.470831-2.22%
  • the-sandboxThe Sandbox(SAND)$0.750.81%
  • theta-tokenTheta Network(THETA)$1.136.95%
  • flowFlow(FLOW)$1.09-2.39%