In a piece of recent news, Australia sets in to make a move on token mapping crypto assets within her domain to expand her control over crypto utilization in the country.
Move on Token Mapping
Prime Minister Anthony Albanese recently assented to the initiative to map cryptocurrencies in Australia. The Prime Minister did it to regulate the future usage of crypto assets, and the idea was supposed to execute before the year ran out. The decision was to implement preferences for which coin would perform which function.
The usage of crypto assets in Australia is unregulated, so, in a bid to turn the situation around and gain control over the industry, Australia’s treasurer Jim Chalmers, along with other financial bodies operating in the country, proposed mapping cryptocurrencies. According to him, this would help protect potential Australian investors in the industry from inconsistencies due to market volatility.
Jim says in a speech that consultation papers to get this proposal in effect will get shared with the public in due time. For now, the government will concentrate on reviewing structures backing up regulations to facilitate the creation of third-party custodian guidelines and should consider other beneficial mechanisms for local users.
During an interview with Jim, he mentioned that cryptocurrency has already circulated in almost every aspect of the economy. Many advertisements feature cryptocurrency or something blockchain related, especially over sporting activities. So to these ends, local users of crypto assets deserve to be adequately oriented regarding crypto and protected from its negative uncertainties. All these are to express the government’s enthusiasm for the project.
In October 2021, it was announced in a report exposing the inefficiencies of crypto regulatory bodies by an Australian Parliamentary Committee. It stated that one of the subjects of concern to counter was the absence of defining principles by home and foreign regimens.
It revealed that under the regime of Prime Minister Scott Morison, he made an attempt driven towards design a cryptocurrency prescription system to license its functioning before his defeat in the election.
Benefits of Crypto Mapping
The chief executive officer of BTC markets, Caroline Bowler, added that token mapping would create a lot of advantages. It will create a higher degree of exposure to potential investors, obliterate drawbacks that may restrain developers from building projects on blockchains, provide a guiding sequence for exchange, and should facilitate regulators in creating guiding principles.
Mapping crypto assets will also enhance the use cases of each token so as to foster wider adoption.
Australia Widely Adopts Crypto
Australia is known for its high rate of crypto indulgence after it built an eco-friendly relatable structure around the ecosystem. A report by Banklesstimes shows a 56% uptick in crypto adoption by Australia between 2021 and 2022. In another report by Per Finder, crypto ownership rose from 15% to 22%.
In early August, an annual pilot program got organized by the Australia Central Bank to evaluate business advantages and possibilities of pitfalls in launching its planned CBDC program.