• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Tuesday, December 5, 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 To ‘Token Map’ Its Crypto Industry

August 21, 2022
in Crypto News
Reading Time: 2 mins read
A A
Australia To ‘Token Map’ Its Crypto Industry
ShareShareShareShareShare

Australia will become the first country in the world to chart the number, type, and underlying code of available cryptocurrencies.

On Monday, the Australian government is set to announce that it will “token map” its crypto sector as the federal government looks to protect investors from themselves according to an article by WA Today. The move is the first step in the government’s efforts to regulate the crypto area. The country’s tax office estimates that over one million of its citizens have “interacted” with digital assets since 2018. “Token mapping” seeks to uncover the characteristics of all digital tokens available in the country. It will include the type of digital asset, its underlying code, and other defining technological features. The initiative will be used to determine which crypto assets are already subject to financial services law and non-financial products that may need special legislation of their own.

Treasurer Jim Chalmers said the government is looking to improve the crypto regulatory system in an effort to offer more protection to its investors and customers. He said,

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 while safeguarding consumers. With the increasingly widespread proliferation of crypto assets – to the extent that crypto advertisements can be seen plastered all over big sporting events – we need to make sure customers engaging with crypto are adequately informed and protected.

Chalmers noted that “token mapping” is the first time that any country has attempted to map the digital asset landscape. He added that the initiative would give a clear insight to help in determining possible areas of regulation. Charlmers added:

The previous government dabbled in crypto asset regulation but prematurely jumped straight to options without first understanding what was being regulated. The Albanese government is taking a more serious approach to work out what is in the ecosystem and what risks need to be looked at first. The aim will be to identify notable gaps in the regulatory framework, progress work on a licensing framework, review innovative organisational structures, look at custody obligations for third-party custodians of crypto assets and provide additional consumer safeguards.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


Credit: Source link

Related articles

Bangladesh’s savings update Forex reserves fall to $15.82 billion

Bangladesh’s savings update Forex reserves fall to $15.82 billion

December 5, 2023
Shiba Inu Regains Its Monthly Volatility Peak Of 64%: Will Bulls Hold SHIB Price Near Resistance?

Shiba Inu Regains Its Monthly Volatility Peak Of 64%: Will Bulls Hold SHIB Price Near Resistance?

December 5, 2023
ShareTweetSendPinShare
Previous Post

Dogechain and Dogecoin Relationship Explained

Next Post

This Week on Crypto Twitter: Tornado Cash Crackdown Crashes Crypto Party, North Korean Hackers Post Fake Coinbase Jobs

Related Posts

Bangladesh’s savings update Forex reserves fall to $15.82 billion

Bangladesh’s savings update Forex reserves fall to $15.82 billion

December 5, 2023

Bangladesh foreign exchange reserves 2023 have been declining with net reserves currently at $15.82. Bangladesh forex reserves were at $48...

Shiba Inu Regains Its Monthly Volatility Peak Of 64%: Will Bulls Hold SHIB Price Near Resistance?

Shiba Inu Regains Its Monthly Volatility Peak Of 64%: Will Bulls Hold SHIB Price Near Resistance?

December 5, 2023

Amidst a market correction where Ethereum and Bitcoin have recently witnessed a rebound after a decline of less than 5%...

Ripple’s XRP Holds Steady Amid SEC Drama and Thacher’s Role

Ripple’s XRP Holds Steady Amid SEC Drama and Thacher’s Role

December 5, 2023

XRP trades at $0.6133 and has held steady at this range for the past month, signalling accumulation among investors, despite...

South African Govt. enforces fresh taxes on online forex brokers

South African Govt. enforces fresh taxes on online forex brokers

December 5, 2023

The government has decided to levy a fresh tax on online forex brokers. The aim is to align the initiative...

Top Meme Coins Set For A Whopping 20% Surge This Month!

Top Meme Coins Set For A Whopping 20% Surge This Month!

December 5, 2023

With Bitcoin and Ethereum leading the market to a realm of recovery, the altcoins are preparing for a bull run,...

Load More
Next Post
This Week on Crypto Twitter: Tornado Cash Crackdown Crashes Crypto Party, North Korean Hackers Post Fake Coinbase Jobs

This Week on Crypto Twitter: Tornado Cash Crackdown Crashes Crypto Party, North Korean Hackers Post Fake Coinbase Jobs

Leave a Reply Cancel reply

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

Recommended

Crypto regulation & Indian financial markets: A change towards compliance – The Tech Panda

Crypto regulation & Indian financial markets: A change towards compliance – The Tech Panda

November 9, 2023
One in Four Americans Own Bitcoin: Unchained Study

One in Four Americans Own Bitcoin: Unchained Study

November 29, 2023
Health Concerns Arise at ApeFest 2023: Investigation Links Symptoms to UV-A Lighting

Health Concerns Arise at ApeFest 2023: Investigation Links Symptoms to UV-A Lighting

November 9, 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!

  • Bangladesh’s savings update Forex reserves fall to $15.82 billion
  • Bitcoin vs. Marx: Two Competing Geopolitical Domino Theories
  • Price Prediction For Mid-December 2023

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!

  • Stride Staked InjectiveStride Staked Injective(STINJ)$16.52-4.28%
  • bitcoinBitcoin(BTC)$43,616.004.74%
  • ethereumEthereum(ETH)$2,297.903.53%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.08%
  • binancecoinBNB(BNB)$232.220.65%
  • rippleXRP(XRP)$0.620.63%
  • solanaSolana(SOL)$62.002.48%
  • usd-coinUSDC(USDC)$1.00-0.04%
  • staked-etherLido Staked Ether(STETH)$2,298.993.60%
  • cardanoCardano(ADA)$0.4180464.35%
  • dogecoinDogecoin(DOGE)$0.0922234.24%
  • tronTRON(TRX)$0.1036470.72%
  • chainlinkChainlink(LINK)$15.911.51%
  • avalanche-2Avalanche(AVAX)$23.739.20%
  • ToncoinToncoin(TON)$2.442.33%
  • matic-networkPolygon(MATIC)$0.822.26%
  • polkadotPolkadot(DOT)$5.753.57%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$43,540.004.79%
  • Wrapped stETHWrapped stETH(WSTETH)$1,865.160.38%
  • shiba-inuShiba Inu(SHIB)$0.0000094.93%
  • litecoinLitecoin(LTC)$73.540.92%
  • daiDai(DAI)$1.000.35%
  • bitcoin-cashBitcoin Cash(BCH)$248.550.20%
  • uniswapUniswap(UNI)$6.294.08%
  • okbOKB(OKB)$58.22-1.13%
  • leo-tokenLEO Token(LEO)$3.730.30%
  • stellarStellar(XLM)$0.1224390.77%
  • KaspaKaspa(KAS)$0.1430211.27%
  • moneroMonero(XMR)$171.101.95%
  • ethereum-classicEthereum Classic(ETC)$20.282.88%
  • cosmosCosmos Hub(ATOM)$9.863.42%
  • true-usdTrueUSD(TUSD)$1.000.23%
  • crypto-com-chainCronos(CRO)$0.0966290.22%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • internet-computerInternet Computer(ICP)$5.082.23%
  • nearNEAR Protocol(NEAR)$2.2810.09%
  • filecoinFilecoin(FIL)$4.773.14%
  • BSCEXBSCEX(BSCX)$237.310.49%
  • lido-daoLido DAO(LDO)$2.474.76%
  • hedera-hashgraphHedera(HBAR)$0.0657045.48%
  • AptosAptos(APT)$7.622.32%
  • BittensorBittensor(TAO)$345.404.31%
  • thorchainTHORChain(RUNE)$6.59-0.61%
  • immutable-xImmutable(IMX)$1.474.99%
  • MantleMantle(MNT)$0.58-0.69%
  • vechainVeChain(VET)$0.0249134.82%
  • blockstackStacks(STX)$1.149.20%
  • optimismOptimism(OP)$1.822.10%
  • binance-usdBUSD(BUSD)$1.000.09%