Australia to prioritize 'token mapping' in crypto regulation push

Australia's new Labor government said Monday that it's set to start analyzing how digital assets can be defined and how they can be overseen under a regulatory framework. "As the first step in a reform agenda, Treasury will prioritise ‘token mapping’ work in 2022, which will help identify how crypto assets and related services should be regulated," Australian Treasurer Jim Chalmers said in a statement, adding that "this hasn’t been done anywhere else in the world, so it will make Australia leaders in this work."The token mapping exercise is designed to improve the way Australia's regulatory system manages cryptos, and safeguard consumers from the emerging space. The ultimate goal for the new government, led by Prime Minister Anthony Albanese since May 23, is to "identify notable gaps in the regulatory framework, progress work on a licensing framework, review innovative organisational structures, look at custody obligations for third party custodians of crypto assets and provide additional consumer safeguards," Chalmers said. Before the token mapping work is complete, the government will release a consultation paper "soon," he added. In April, Australia's financial regulator unveils crypto policy roadmap.