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The Labor government has finally released its ‘token mapping’ cryptocurrency regulation consultation paper. It outlines a multi-stage approach to the issue but acknowledges the incompatibility of traditional financial services regulation with certain cryptocurrency products.
The paper was released on Friday, alongside a joint statement by Treasurer Jim Chalmers and Financial Services Minister Stephen Jones. The ministers highlighted three key areas in the government’s approach to cryptocurrency — strengthening enforcement action, bolstering consumer protection and establishing a framework for reform.
A long time coming
The government first announced its token mapping exercise back in August to “help identify how crypto assets and related services should be regulated”.
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