Australia Announces ‘Token Swap’ Campaign to Accelerate Crypto Regulation

The Australian federal government will implement A “token mapping” exercise was conducted to help with future regulation of crypto assets in the country. It laid the foundation for “determining how crypto assets should be regulated.”Bloomberg.

Australian Treasurer Jim Chalmers said the government would prioritize the implementation of the “token swap” campaign by the end of this year, which aims to study Australia’s regulatory and licensing framework for handling and operating cryptocurrency-related assets and review the custody of third-party custodians of crypto assets, obligations and corresponding consumer protection measures.

Jim Chalmers stated:

“With the increasing proliferation of crypto assets — to such an extent that crypto advertisements are plastered all across major sporting events — we have to ensure customers engaging in crypto are adequately informed.

The Senate raised the issue last year. Prime Minister Anthony Albanese’s administration stated it wanted to control the “basically nonregulated” crypto space.

Australia is an important financial hub in the Asia-Pacific, and there is likely to be regulatory uncertainty that will cause many outstanding blockchain-related businesses to pull out of the Australian market.

Caroline Bowler, CEO of BTC Markets, commented that:

“The additional benefits of token mapping are many. It will help crypto investors understand the process better; assist companies with developing their own blockchain-based innovations and provide guidance. digital currency exchanges; as well as assist regulators in shaping an appropriate regulatory regime.”

In March, the government revealed plans to introduce legislation for licensing and custody measures in order to support the country’s digital asset industry. Potential tax changes for this emerging asset type have also been announced by the government.

Australian banking giant Commonwealth Bank of Australia (CBA), became the first major Australian bank to offer customers the ability to purchase, sell, and hold crypto assets in November.

Source: Shutterstock

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