Australia lays out plans for crypto regulation

The Australian Treasury has announced sweeping plans to regulate the crypto sector .

The government will therefore “improve the way the Australian regulatory system manages crypto assets to keep up with developments and better protect consumers”.

As a first step, they will prioritize "token mapping work, which will help identify how crypto assets and related services should be regulated." A project that "has not been done anywhere else in the world," according to the Treasury Department.

The aim is to “identify notable gaps in the regulatory framework, advance work on a licensing framework, review innovative organizational structures, examine custody obligations for third-party custodians of crypto assets and provide additional consumer protection measures.”

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