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The Albanian government is preparing to comprehensively examine the cryptocurrency industry to determine how they should regulate it.
On Monday, the Albanese government announced a “token mapping” project to begin this year. The project aims to streamline Australia’s regulatory system for crypto assets.
By mapping all the digital tokens available in Australia, Token Mapping will provide the government with valuable data to take on new regulations regarding cryptocurrency.
“This has never been done anywhere else in the world, so it will make Australia a global leader in this area,” said Minister for Financial Services Stephen Jones and Assistant Minister for Competition Charities and Treasury Andrew Leigh in a joint statement.
The government’s ultimate objective is to ensure that cryptocurrency consumers are well-informed and protected. The goal, however, should be to embrace new and innovative technologies.
“The Token Mapping project will also help the government consider how best to foster innovation while protecting consumers,” said Jones and Leigh.
The Australian Securities and Investments Commission (ASIC) will conduct the project in conjunction with the Reserve Bank of Australia (RBA). ASIC is Australia’s financial regulator, while the RBA is the country’s central bank.
The project is still in its early stages, and it is unclear how long it will take to complete. However, the government is confident that the benefits will be worth the effort.
“This is an important first step in our journey to ensure Australia remains at the forefront of financial technology,” said Jones.
The announcement comes as the Australian government is already taking steps to regulate cryptocurrency. Earlier this month, the government introduced a bill taxing cryptocurrency transactions.
Under the proposed bill, cryptocurrencies would be treated as property for tax purposes. This means capital gains tax would apply to any profits from selling or trading digital tokens.
The government is also considering introducing new regulations to ICOs (Initial Coin Offerings). These are crowdfunding campaigns where startups raise money by selling digital tokens.
The Australian Taxation Office believes that more than one million taxpayers have had involvement with the cryptocurrency world since 2018.
BTC Markets has praised the government’s cryptocurrency strategy.
Shortly after the government’s announcement, Caroline Bowler, CEO, said: “We welcome this recognition of digital asset infrastructure’s importance for Australia’s future and look forward to collaborating with the Treasury Department on developing regulatory framework.”
In March, the Liberal government released a Treasury consultation paper that recognized the need for risk-based and non-technology specific regulation. On Monday, BTC Markets echoed this viewpoint, calling for “a fair and proportional regulator” of our industry.
The Australian government’s announcement of a “world first” token mapping project is a welcome development for the cryptocurrency industry. By providing valuable data to regulators, the project has the potential to streamline Australia’s regulatory system for crypto assets and help protect consumers.
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