The Albanese government has made its first real move into the clouded crypto-regulation landscape, announcing a Treasury-led “token-mapping” strategy. Stockhead examines that and rounds up some industry comment…

According to reports from The Australian and today, the federal government’s announced token-mapping audit of the local crypto industry will be a “world first”, in consultation with “stakeholders”.

What’s token mapping? Per the reports, it’s “the process of determining the characteristics of all digital tokens available in the country – from Bitcoin to Dogecoin”.

It’s seen as a first step, from the new government at least, to overhaul the regulatory framework of the largely unregulated crypto sector.

Hopefully it’ll actually be something closer to an innovation-friendly tinker than an overhaul… and let’s also hope the Treasury has been taking a good look at the extensive regulatory conversations and recommendations already put forth in consultation with numerous industry participants. A lot of ground was covered on this, particularly late last year.


‘We need to do some work to get the balance right’

As The Australian reports, Financial Services Minister Stephen Jones said Australians were experiencing a digital revolution across all sectors of the economy.

“But regulation is struggling to keep pace and adapt with the crypto asset sector,” he said, adding:

“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.

“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.”

Treasurer Jim Chalmers meanwhile said that the review was about allowing “consumers to participate in the market while also better protecting them”.

“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,” added the Treasurer.


And the balance is tricky, says BlockchainAPAC MD

Former CEO of peak industry body Blockchain Australia, now BlockchainAPAC’s Managing Director, Steve Vallas gave some insights to Stockhead regarding the fresh regulation chatter…