The Australian government is set to debut the world’s first token mapping of digital assets, from Dogecoin to Bitcoin, as part of an audit to accelerate the regulatory framework for its crypto ecosystem.
Australia plans token mapping in 2022
Australia sees an increase in crypto activities and advertisements, Treasurer Jim Chalmers’s stated on Monday. Token mapping will enable the government to determine the characteristics of cryptocurrencies used within the jurisdiction and form a better regulatory approach for them.
“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,” he said.
In addition to prioritizing crypto mapping this year, the Aussie government intends to review current regulatory and licensing frameworks for crypto service providers in the nation. They also plan to review the custody requirements for crypto assets custodians to ensure the safety of local users.
“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,” Jim Chalmers.
Crypto adoption spreads in Australia
Australia is one of the crypto-friendly jurisdictions seeing a massive increase in adoption and digital assets ownership. According to a Banklesstimes report, crypto adoption in the country increased more than 56% between 2022 and 2021. Per Finder’s report, Aussie sees more than 22% in crypto ownership, which is higher than the global average rate of 15%.
Earlier this month, Australia’s central bank initiated a one-year pilot program for its digital currency to assess the business advantages and potential drawbacks of launching a CBDC.