{"id":256688,"date":"2022-08-22T14:00:05","date_gmt":"2022-08-22T13:00:05","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=256688"},"modified":"2022-08-22T13:20:44","modified_gmt":"2022-08-22T12:20:44","slug":"australia-to-implement-token-mapping-as-efforts-to-regulate-crypto-market-intensify","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/australia-to-implement-token-mapping-as-efforts-to-regulate-crypto-market-intensify\/","title":{"rendered":"Australia plans to implement token mapping amid intensified efforts to regulate crypto industry"},"content":{"rendered":"<p>The Australian government announced plans to <a href=\"https:\/\/www.smh.com.au\/business\/banking-and-finance\/how-australia-plans-to-protect-crypto-investors-from-themselves-20220821-p5bbht.html\">token map<\/a> all digital assets in its crypto asset sector as it intensifies efforts to protect consumers against unregulated market conditions.<\/p>\n<p>Australia's tax office estimates that more than one million people have interacted with crypto assets in the region since 2018. As a result, the government is seeking to improve the regulatory system so as to offer more protection to customers and investors.<\/p>\n<p>Treasurer Jim Chalmer who is spearheading the regulation said:<\/p>\n<blockquote><p>&#8220;With the increasingly widespread proliferation of crypto assets, we need to make sure customers engaging with crypto are adequately informed and protected.&#8221;<\/p><\/blockquote>\n<h2>Token mapping all crypto assets<\/h2>\n<p>The token mapping process regulators will classify tokens based on their asset types, underlying code, and other defining technological features.<\/p>\n<p>With clearly defined asset classes, the government can regulate the industry based on existing laws and enact new laws where a particular asset class requires specialized legislation.<\/p>\n<p>Jim Chalmer also noted that the process will enable the government to work on licensing frameworks, consider custody obligations for exchanges and provide additional consumer safeguards.<\/p>\n<h2>Is the government trying to buy time?<\/h2>\n<p>Australian Lawyer Aaron Lane <a href=\"https:\/\/twitter.com\/AMLane_au\/status\/1561478868887777280?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1561478868887777280%7Ctwgr%5Ee9a16a93ba5f7779ebd13bf2c9c108005a44d5d9%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Faustralia-s-new-government-finally-signals-its-crypto-regulation-stance\">claimed<\/a> that the &#8220;token mapping&#8221; exercise is a strategy by the government to buy time. He argues that consumers in the region need urgent regulatory protections as bad actors are taking advantage of the loose environment to exploit consumers.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The first official comments about what the Albanese government is doing on <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&ref_src=twsrc%5Etfw\">#crypto<\/a> regulation &#8211; token mapping to buy time on a restarting the Treasury discussion paper process launched earlier this year. <a href=\"https:\/\/t.co\/rjE4JAfctr\">https:\/\/t.co\/rjE4JAfctr<\/a><\/p>\n<p>\u2014 Aaron Lane (@AMLane_au) <a href=\"https:\/\/twitter.com\/AMLane_au\/status\/1561478859844771841?ref_src=twsrc%5Etfw\">August 21, 2022<\/a><\/p><\/blockquote>\n<h2><\/h2>\n<h2>Crypto Regulation in the Australian Market<\/h2>\n<p>The rising cases of crypto exchange collapse and scam attacks led the Australian consumer advocacy group <a href=\"https:\/\/cryptoslate.com\/australian-consumer-group-calls-for-urgent-regulation-of-crypto\/\">(Choice)<\/a> to motion the government about accelerating its crypto regulation process.<\/p>\n<p>The government through <span style=\"font-weight: 400;\">Australia\u2019s Prudential Regulation Authority (APRA) <\/span>detailed its <a href=\"https:\/\/cryptoslate.com\/australia-aims-to-finalize-crypto-regulation-by-2025\/\">plan<\/a> to regulate the crypto market fully by 2025. It expects to continue its consultation and drafting of frameworks until 2023, and then introduce clear regulatory standards in 2024 and 2025.<\/p>\n<p>The Australian Central Bank governor, Philip Lowe has, however, asserted that if cryptocurrencies are properly regulated, they could be better than central bank digital currencies (CBDCs). Lowe stated:<\/p>\n<blockquote><p><b>\u201cI tend to think that the private solution is going to be better \u2013 if we can get the regulatory arrangements right.\u201d<\/b><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The Australian government announced plans to token map all digital assets in its crypto asset sector as it intensifies efforts to protect consumers against unregulated market conditions. Australia&#8217;s tax office estimates that more than one million people have interacted with crypto assets in the region since 2018. As a result, the government is seeking to [&hellip;]<\/p>\n","protected":false},"author":1378,"featured_media":256729,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australia plans to implement token mapping amid intensified efforts to regulate crypto industry<\/title>\n<meta name=\"description\" content=\"Token mapping will be used by the Australian government to regulate cryptocurrencies according to their asset class.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/australia-to-implement-token-mapping-as-efforts-to-regulate-crypto-market-intensify\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia plans to implement token mapping amid intensified efforts to regulate crypto industry\" \/>\n<meta property=\"og:description\" content=\"Token mapping will be used by the Australian government to regulate cryptocurrencies according to their asset class.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/australia-to-implement-token-mapping-as-efforts-to-regulate-crypto-market-intensify\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-22T13:00:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-22T12:20:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/image_2022-08-22_170753579.png\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"378\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Christian Nwobodo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Christian Nwobodo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/australia-to-implement-token-mapping-as-efforts-to-regulate-crypto-market-intensify\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/australia-to-implement-token-mapping-as-efforts-to-regulate-crypto-market-intensify\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/#person\",\"name\":\"Christian Nwobodo\",\"url\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/chriscen-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/chriscen-author-300x300.jpg\",\"caption\":\"Christian Nwobodo\"},\"jobTitle\":\"Journalist\",\"description\":\"Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. 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