In Australia, the consensus around the importance of crypto regulation has been created. Many players in the economic value chain have called her out loud. The government has been working for several months to mark the ground to create an adequate legal framework. For Canberra, one of the priority steps in the process will be sorting out the digital assets in circulation in the country.
Examine the cryptos in circulation in the country
Earlier this week, Treasurer Jim Chalmers, said the Australian government is prioritizing cryptocurrency mapping. This, in order to determine which digital asset tokens will be used in the country and how they should be regulated. To this end, a public consultation document will be published as soon as possible, he assures.
This operation confirms the authorities’ desire to better regulate the cryptocurrency market. It will give Canberra a better understanding of the industry, which will facilitate its efforts to regulate it.
Next to this, the new government will examine the organizational structures of crypto asset custodians and examine their obligations to third parties. In addition to examining regulatory and licensing gaps, it will look at additional protections for consumers.
“With the increasingly widespread proliferation of cryptos – so much so that we can see advertisements around these assets plastered on all major sporting events, we must ensure that customers who engage in crypto are properly informed and protected”, the official continued.
For Caroline Bowler, CEO of BTC Markets, the implementation of this mapping has many advantages. According to his explanations, once this mapping is in place, crypto investors will benefit from greater visibility under the law. At the same time, digital currency exchanges will be regulated and regulators will have less difficulty in developing an appropriate regulatory framework.
In Australia, the new government has placed the adoption of an optimal legal framework for the cryptocurrency market at the heart of its economic policy. One of the key steps to achieve this is the census of digital assets in circulation in the country. A process that will allow a better reading of the industry, in order to develop the appropriate framework.
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