08-21-2022 icon

Australia’s New Administration Reveals Hint on Digital Coin Regulation Standpoint

By Lucy Adegbe

Australian Treasurer James Edward Chalmers mentioned that his administration is focused on enhancing the nation’s crypto property regulatory pattern while guaranteeing maximum customer security.

Barely three months after the vote, the newly elected Australian Labor Party has unveiled its outlook on regulating cryptocurrency assets.

Current Treasurer James Edward Chalmer published a proposed “token mapping” activity, which was enlisted amongst the 12 senatorial probe propositions in the previous year’s “Australia as a Technology and Financial Center.”

While the industry completely endorsed the proposition, there was awakened curiosity as to if the ALP administration would express a similar view of acceptance. 

Comments from Treasurer James Chalmers and his Deputy Stephen Jones, alongside the Deputy Minister of Competition, Charities, and Treasury Andrew Leigh highlighted that major focus is set on the “largely unregulated” digital space. 

“As it stands, the crypto sector is largely unregulated, and we need to do some work to get the balance right so we can embrace new and innovative technologies.”

The comment cited that a vast majority of taxpayers have been in contact with the digital space within the past four years, however, there is no firm regulation to enhance the continued success of such contact with the digital space.

Although the direction to a better crypto regulation seems likely, the likes of RMIT block chain senior professor Aaron Lane speculates that the ALP’s “token mapping” activity publication may be some sort of tactic to “buy themselves time… to get up to speed.”