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Australian Government to Introduce New Legislation to Regulate Crypto

Australian Government to Introduce New Legislation to Regulate Crypto

The Australian government plans to regulate the crypto sector with a 'token mapping' exercise following a call for consumer protection.

The Australian government plans to introduce legislation to regulate the crypto sector later this year.

Financial Services Minister of Australia, Stephen Jones, stated that as a first step, the government will soon launch a “token mapping” exercise that will show which crypto assets it plans to regulate.

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Previously, Australia joined the list of countries to tighten crypto regulations in 2023, following a turbulent year in the crypto market. 

According to the report, Jones said the FTX collapse “puts beyond doubt” the need for crypto regulation. He stated that the government focuses on crypto assets that act like financial products, but they remain unregulated. Jones added:

I’m not that attracted to setting up a completely separate regulatory regime for something that is, for all intents and purposes, a financial product.

The source also stated that the Australian Securities and Investments Commission (ASIC) and the Commonwealth Bank support the move to regulate crypto as financial products.

However, the crypto sector lobby group Blockchain Australia has argued that if all crypto assets were treated as financial products, it would harm investment in the sector and lead to the loss of crypto-related jobs.

The government is yet to form its policy, with Jones stating that Bitcoin (BTC) is “attempting to replicate or replace traditional forms of currency.”

New South Wales (NSW) Liberal Senator, Andrew Bragg, has proposed a private member’s bill that includes a licensing regime for crypto firms. He has accused the government of not making crypto regulation a priority. Senator Bragg said the most critical issue was consumer protection.

In addition to crypto regulation, the government also plans to introduce a significant change to the data-sharing regime known as open banking.

Aaron S., Editor-In-Chief
Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.



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