Australia intends to do a virtual stocktake of cryptocurrency assets held by its citizens, the new executive power in Canberra announced this week. The move is viewed as an indication that the center-left government plans to regulate the country’s crypto space.As part of efforts to adopt rules for the cryptocurrency sector, Australia’s Treasurer Jim Chalmers unveiled on Monday that his department is preparing to conduct “token mapping,” Reuters reported quoting his statement.
The initiative will aim to catalog the various types and uses of digital currencies owned within the country and is seen as a step toward identifying which crypto assets would need to be regulated and how to do that. Australia will be the first country to stocktake crypto holdings, Chalmers pointed out, and elaborated further:
With the increasingly widespread proliferation of crypto assets, to the extent that crypto advertisements can be seen plastered all over big sporting events, we need to make sure customers engaging with crypto are adequately informed and protected.comes after years of deliberation on how to regulate decentralized cryptocurrencies like bitcoin.
A Senate inquiry carried out under the previous conservative government recommended last year the adoption of wide-ranging regulations to protect cryptocurrency owners. However, the election this past May resulted in a new center-left cabinet.
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It is good to initially study what will be regulated and analyze what is generally represented in the country and what is popular, maybe other countries should follow this example, instead of lumping everything into one and trying to regulate everything at once
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