According to Prime Minister Anthony Albanese, Australia is poised to become the first country to conduct a cryptocurrency “mapping” process. The crypto mapping process involves identifying the characteristics of certain cryptocurrencies, including popular meme coins like Shiba Inu (SHIB). Here are the details…
Australia is gearing up for cryptocurrencies like SHIB, BTC, DOGE, ETH
The government is preparing to present an advisory on digital assets in the near future. Treasurer Jim Chalmers noted that the cryptocurrency market remains mostly unregulated in the country. Therefore, mechanisms to improve investor protection need to be developed. Chalmers said the government will focus on clarifying the rules for third-party protectors.
Also earlier this month, the country’s central bank, the Reserve Bank of Australia (RBA), announced the start of a research project focused on the central bank digital currency. As we reported on Kriptokoin.com, according to a survey published in December, Binance Coin, Dogecoin, Shiba Inu and Ethereum were among the popular coins in Australia.
Details of the token mapping issue
Australian Treasury Secretary Jim Chalmers said his government will improve the way the Australian system manages crypto assets and provide more protection for consumers. Three months after being elected to power, the Australian Labor Party has finally broken its silence on how it plans to approach crypto regulation. Targeted before the end of the year, the token mapping implementation is expected to help “determine how crypto assets and related services should be regulated” and inform future regulatory decisions.
That is, the country is expected to establish a licensing framework for crypto-asset service providers dealing with crypto-assets. It will also work on some other recommendations, including appropriate requirements and scrutiny to protect consumer crypto-asset custody. On the other hand, the company structure of decentralized autonomous organizations (DAO) is also among the possible items. In its current form, the crypto industry is largely unregulated, according to officials. But it takes some work to strike the balance so that we can embrace new and innovative technologies.
The statement states that since 2018, more than one million taxpayers have interacted with the crypto ecosystem. Still, it explains that “the regulation is struggling to keep up and adapt to the crypto-asset industry.” Politicians claimed that the previous government was messing around with crypto-asset regulation “without understanding what was being regulated.” Now it is stated that the government is taking a more serious approach to figuring out what is in the ecosystem and what risks need to be looked at first. Piper Alderman’s partner, Michael Bacina, said the implementation of token mapping would be a “significant step” in closing the important education gap between regulators and policymakers.
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