Australian 'token mapping' consultation paper to release in early 2023: Treasurer

Australian Treasurer Jim Chalmers has revealed that the authorities volition merchandise a consultation insubstantial successful aboriginal 2023 arsenic portion of its token mapping initiative.

The crypto assemblage has received greater attraction from Australian regulatory and enforcement agencies since the FTX implosion, with the authorities emphasizing the value of providing greater user extortion laws arsenic soon arsenic possible.

In a Dec. 14 statement, Treasurer Chalmers noted that the Anthony Albanese-led authorities is “taking enactment to amended the regularisation of crypto work providers and guarantee further safeguards for Australians.”

As portion of that process, Chalmers revealed the consultation insubstantial volition screen however definite crypto assets should beryllium regulated alongside frameworks for institution licensing, plus custody and user protections under its antecedently announced token mapping exercise.

“The adjacent steps successful the Government’s ongoing ‘token mapping’ enactment volition see the merchandise of a consultation insubstantial successful aboriginal 2023 to pass what integer assets should beryllium regulated by fiscal services laws, and the improvement of due custody and licensing settings to safeguard consumers.”

“Following the merchandise of token mapping, the Government volition consult connected a custody and licensing model adjacent twelvemonth earlier introducing legislation,” helium added.

The latest comments from Chalmers adds to a promise from the Treasury successful mid-November that it volition make and enact a robust regulatory model for crypto successful 2023.

The absorption connected crypto is besides portion of a propulsion to “modernize Australia’s fiscal system” with the authorities acceptable betterment regulations connected fiscal marketplace infrastructure — peculiarly successful narration to the Australian Securities Exchange's (ASX's) clearing system, payments systems and the Buy Now Pay Later sector.

Related: A loophole allowed FTX to unafraid its Aussie licence without afloat checks: ASIC’s Longo

Australia’s authorities has been mostly pro-crypto but has reiterated the value of allowing for innovation portion keeping the nationalist safe.

On Dec. 8, the Reserve Bank of Australia (RBA) published a stablecoin-focused study which suggested the regulators are “undertaking important work” to fig retired however to safely integrate them into the ecosystem.

“Stablecoins person the imaginable to heighten the ratio and functionality of a scope of outgo and different fiscal services,” the study read.