Australia Unveils Plans for Crypto Regulations Unlike ‘Anywhere Else in the World’

Crypto regulations will be informed by a phase of comprehensive “token mapping” research, according to Australia’s Treasurer.
Australia’s crypto regulators are attempting to go where no government has ever.

That’s according to them, at least.

On Monday, the Australian treasury announced a multi-step plan to establish a crypto regulatory framework that it claims will be more thorough and better-informed than those previously established “anywhere else in the world.”

Key to the government’s approach will be a form of market research called “token mapping.” Token mapping will allow officials to view and evaluate nuanced trends in Australian crypto markets to “identify how crypto assets and related services should be regulated.”

A representative from the Treasury’s Office told Decrypt that “the token mapping exercise will be conducted this year. The timeline for changes to legislation and regulations will depend on the outcome of this consultation.”

Today’s statement from Jim Chalmers, Australia’s Treasurer under Prime Minister Anthony Albanese, emphasized the importance of comprehensively understanding crypto markets before drafting regulations.

“The previous government dabbled in crypto asset regulation but prematurely jumped straight to options without first understanding what was being regulated,” said Chalmers. “The Albanese Government is taking a more serious approach to work out what is in the ecosystem and what risks need to be looked at first.”