The Australian government issued a token mapping consultation paper in February 2023 for seeking suggestions from stakeholders. The deadline for these suggestions is set up for 3rd March.
After the change in the Australian government in August 2022, the new Albanese regime decided to improve the ecosystem. The government also wants to tackle those risks first which may cause any unforeseen mishaps in the future.
Token mapping is the process under which the authorities identify the working of the crypto ecosystem and measure them with existing regulatory frameworks. The Australian Treasury seems to be more alert and defensive after the FTX exchange collapse due to crypto contagion in 2022.
According to recent reports, the Reserve Bank of Australia and the Treasury conducted a secret meeting with crypto experts. The Coinbase vice president of international policy, Tom Gordon has recently revealed that he participated in the meeting and discussed the future prospects.
The Australian government’s token mapping exercise is one of the most sophisticated and deep research. This consultation depicts an initiative taken for a strong foundation for their upcoming draft. The central bank is looking for financial stability between the fiat and digital currency.
This transparency of the Australian Treasury in formulating the draft proposal for the crypto industry is quite commendable. By involving stakeholders in the consultation papers the authority is trying to make a near perfect policy for the management of cryptocurrency.
After the FTX crisis, the Australian regulatory bodies are trying to build a strong and safe financial system. They have also decided to transfer the control to independent licensed practitioners for assessing the financial situation.
However, the Australian Treasury and Reserve Bank of Australia didn’t provide any additional information about this meeting. Stakeholders need to wait until the final draft comes after consultation with experts.
