Crypto Asset Reform Top of the Agenda
(26 August 2022 – Australia) Australian Federal Government Treasurer Jim Chalmers announced work is progressing rapidly on enacting sweeping crypto asset reforms.
The government stated the Australian Taxation Office (ATO) estimates more than one million taxpayers have interacted with the crypto asset ecosystem since 2018. YouGov research claimed one in four Australians owned cryptocurrency (25 percent), nationally one of the highest levels of crypto ownership in the developed world.
Along with minister for financial services Stephen Jones and minister for competition, charities and treasury Andrew Leigh, the Australian government asserted the crypto sector remains largely unregulated so the government must work on getting the balance right between embracing new, innovative technologies and safeguarding consumers.
"The Albanese government will improve the way Australia's regulatory system manages crypto assets, to keep up with developments and provide greater protections for consumers. Australians are experiencing a digital revolution across all sectors of the economy, but regulation is struggling to keep pace and adapt with the crypto asset sector” Chalmers, Jones and Leigh commented.
"The government is ready to start consultation with stakeholders on a framework for industry and regulators, which allows consumers to participate in the market while also better protecting them. As the first step in a reform agenda, Treasury will prioritise 'token mapping' work in 2022, which will help identify how crypto assets and related services should be regulated. This hasn't been done anywhere else in the world, so it will make Australia leaders in this work."
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