The Australian government is developing regulations for the cryptocurrency sector. Treasurer Jim Chalmers announced that soon the country will introduce a public advisory paper on the subject. The framework called "token mapping" will be a priority to figure out which cryptos are used in the country and how they must be overseen.
Australia's newly elected administration led by PM Anthony Albanese will start to assess how cryptocurrencies are managed and develop rules for the industry.
Jim Chalmers added that Australia would be the first country in the world to regulate cryptos by classifying their types and uses and as a first step identifying which cryptos to regulate. He mentioned that authorities need to make certain that customers involved in crypto are properly informed and protected taking into account the growing crypto adoption in Australia, and the presence of advertising posters at the time of big sports events.