In its first comments on crypto, the Albanese government said it will examine more consumer protection while supporting ‘new and innovative technologies’.
The Albanese government has provided its first thoughts on the $US1 trillion crypto market, saying Treasury will continue with a project to define the functionality and utility of different crypto “tokens” as it considers new regulation and stronger consumer protections.
Treasury will prioritise a “token mapping” exercise this year, to help create standardised terminology for crypto assets, which will inform regulation. This recognises crypto tokens have different features: some are similar to securities, by providing financial returns to holders; others can provide governance rights, an ability to pay, or represent a piece of property or work of art ..
“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.”
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