The Australian government aims to create a token mapping infrastructure that embraces technological diversity, according to a Treasury official. This means that blockchain-based systems, as well as other types of technology, will be considered.
Decoding Australia’s Tech-Agnostic Token Mapping: Insights from Treasury Official:
The Treasury is developing an approach called token mapping for identifying and categorizing various forms of cryptocurrencies.
They want the structure to be versatile and adaptable, not linked to any particular technology or token. The primary objective is to develop legislation that can handle the changing characteristics of crypto assets over the course of time.
Recognising the crypto market is crucial, according to the Treasury, in order to incorporate it within Australia’s current financial legislation. They seek a way of safeguarding customers from technology while fostering both.
Australian Treasury on Twitter.
The structure is being created separately, and current legislative moves in the US have no bearing on it. The framework is intended to be more in line with the European Union’s guidelines for crypto assets, according to the Treasury.
As long as they adhere to the rules governing token mapping, they encourage digital asset companies from the United States as well as other nations to get involved in the Australian market. The Treasury held consultations with various parties to get their opinions and suggestions.