Australian government rolls out a new initiative to regulate crypto industry and claims that such an initiative has never been done before nowhere else
Australian government rolls out Token Mapping as a strategy to regulate the crypto market
The strategy – Token mapping
The importance of regulation in cryptocurrency market
The ill effects of failure in regulatory framework in cryptocurrency market
Australian government rolls out “Token Mapping” as a strategy to regulate the crypto market
According to the recent reports, it is noted that, the government in Australia are rolling out a new initiative to govern and regulate the Australian crypto market. The new method is called “Token Mapping.”
The Australian government also claims that, this method has never been tried nowhere else and will be debuting in Australia. In addition, they claimed that, the process will be more thorough and better established.
Let’s see what does the strategy actually means.
The Strategy – Token Mapping
The Australian government’s token mapping project, according to a statement released today, aims to “identify notable gaps in the regulatory framework, advance work on a licensing framework, review innovative organizational structures, look at custody obligations for third party custodians of crypto assets, and provide additional consumer safeguards.”
The treasurer of Australia under the guidance of Prime Minister Anthony Albanese, went on to claim the importance of studying the core of cryptocurrency market before learning about the regulation prospects of the industry.
Previously, each and every government around the world, has directly jumped the gun and tried to regulate the industry without analyzing the industry at its core. To bridge that gap, Australia has come up with Token Mapping.
The importance of crypto regulation
Credits: iStock
It is needless to say that, the cryptocurrency market needs regulation and good framework for effective and efficient operations of the systems. If analyzed critically, the two main demons of the cryptocurrency industry, the volatile nature as well as the increasing cases of frauds and scams can be brought into check by good regulation and good frame work.
The ill-effects of failure in good regulatory framework
The failure in deploying good regulatory frame work can cause catastrophic results for the industry. Both the demons, the volatility as well as the scamsters are just waiting for an opportunity to drown the market, and the absence of good frame work would make their jobs easy to drown the market.
What do you think about Australia’s new initiative to regulate the crypto market? Do you think it will be successful? Share your thoughts in the comment section below.
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