Australian Treasurer Jim Chalmers said in a statement issued on Monday that the new government, headed by Prime Minister Anthony Albanese since May 23, will study the regulation of cryptocurrency assets with an eye on modernizing procedures and safeguarding investors.
In an effort to safeguard investors from the flood of marketing around cryptocurrencies, Australia will be the first nation in the world to “token map” this industry. According to Treasurer Jim Chalmers, the rules would concentrate on supporting customers while simultaneously safeguarding them.
As defined by the Sydney Morning Herald, token mapping is the process of discovering the properties shared by all digital asset tokens in Australia. This process comprises charting the kind of crypto asset, its underlying code, and any other technical trait that may be used to define the token.
“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.”
Australians are experiencing a digital revolution across all sectors of the economy, but regulation is struggling to keep pace and adapt with the crypto asset sector.
“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.”
Recall that in January, Crypto.com agreed to a sponsorship contract with the Australian Football League for the amount of $25 million, while in February, Swyftx, a local exchange, secured a sponsorship deal with the AFL for a period of three years for an unknown price. Both agreements will see crypto-related commercials airing on national television and in stadiums around the country.